The invention discloses a high-precision time interval measurement method based on phase modulation. Under the control of digital clock phase-shift, a path of high-frequency and low-jitter clock is transformed to N paths of clock signals having same frequency and fixed phase difference, and is taken as a counter reference clock; a counter is driven to count respectively in N paths of clock periods; two paths of clock signals, which have the smallest error, are extracted by utilizing the clock phase information; through the combination with the clock period and the counted values, the measurement valve of the time interval is worked out. Compared with the method using a single clock for counting, the high-precision time interval measurement method effectively reduces the measurement principle error, and can improve the measurement resolution ratio to 1/n of the reference clock. A measurement device is connected with a signal conditioning module, an FPGA module, a singlechip module and a display circuit module sequentially according to the signal processing order, and realizes high measurement precision, high measurement resolution ratio, high measurement speed, real time display, and stable and reliable work under a certain crystal oscillation frequency; and the integration in the FPGA is easy, and the expansion is flexible. The high-precision time interval measurement method can be used for measuring the speed in a high-speed motion.