Ultrasound velocity is one of the key acoustic parameters for noninvasive diagnosis of osteoporosis. Ultrasound phase velocity can be uniquely measured from the phase of the ultrasound signal at a specified frequency. Many previous studies used fast Fourier transform (FFT) to determine the phase velocity, which may cause errors due to the limitations of FFT. The new phase tracking technique applied an adaptive tracking algorithm to detect the time dependent phase and amplitude of the ultrasound signal at a specified frequency. This overcame the disadvantages of FFT to ensure the accuracy of the ultrasound phase velocity. As a result, the new method exhibited high accuracy in the measurement of ultrasound phase velocity of two phantom blocks with the error less than 0.4%. 41 cubic trabecular samples from sheep femoral condyles were used in the study. The phase velocity of the samples using the new method had significantly high correlation to the bulk stiffness of the samples compared to the phase velocity measured using fast Fourier transform FFT . In conclusion, the new method provided an accurate measurement of the ultrasound phase velocity in bone.