In this paper, a compact laser system for 87Rb atom interferometry based on only one free-space electro-optic modulator (EOM) was realized, where repumping and Raman beams were generated with a free-space EOM. In addition, this laser system does not require a laser amplifier compared to fibered EOM since fibered EOM cannot transmit high-power lasers. However, due to the narrow modulation linewidth of free-space EOM, it is impossible to obtain the frequencies of repumping and Raman beams separately, which would lead to some complicated effects. Therefore, a theoretical analysis was carried out to solve this problem, and a new frequency scheme for AI is proposed. For the experiment, the laser system of AI was built up. Moreover, the atomic interference fringes were obtained with a contrast of 20.7% (T = 60 ms) and the fitted phase resolution is approximately 1.25 mrad. The presented laser system could provide a new solution for compact AI systems in the future.