I know that this process basically involves sampling the incoming signal at lower frequencies to avoid having to process a larger signal,just don't quite get the gist of how this is done.for example I have a signal of 500kHz I want to make it low enough that it can be fed into an A/DC with a sample rate of 96kHz,how do I use sub-sampling?
Can I be referred to a more thorough explanation?
You use sub-sampling to sample at a lower frequency. It's unrelated to how "large" the signal is.
The sub-sample frequency is related to the modulation frequency since all you need to do is sample fast enough to detect the modulation. So what is the modulation of the 500kHz signal?
The frequency is not the issue, its that it's FM. Just don't know that sub-sampling will work to detect an FM signal. Normally it's used to detect AM modulation.
One of the keys of sub-sampling is that the ADC (I assume that is what you are using) bandwidth must be wide enough to capture your carrier signal. If it is, then the ADC will see everything and you can use the sub-sampling techniques. Modulation should not be an issue as long as your modulation bandwidth meets the Shannon's criteria.