We introduce conformal multi-matrix models (CMMs) as an alternative to
conventional multi-matrix model description of two-dimensional gravit
y interacting with c < 1 matter. We define CMMs as solutions to (discr
ete) extended Virasoro constraints. We argue that the so defined alter
natives of multi-matrix models represent the same universality classes
in the continuum limit, while at the discrete level they provide expl
icit solutions to the multi-component KP-hierarchy and by definition s
atisfy the discrete W-constraints. We prove that discrete CMMs coincid
e with the (p, q)-series of 2d gravity models in a well-defined contin
uum limit, thus demonstrating that they provided a proper generalizati
on of the hermitian one-matrix model.