Based on the evaluation of advantages and disadvantages of high-precision digital time interval measuring algorithms, and combined with the principle of the typical time-difference ultrasonic flow measurement,the requirements far the measurement of echo time of flight put forward by the ultrasonic flow measurement are an-alyzed.A new high-precision time interval measurement algorithm is presented, which combines the pulse counting method with the phase delay interpolation. The pulse counting method is used to ensure a large dynamic measuring range, and a double-edge triggering counter is designed to improve the accuracy and reduce the counting quantiza-tion error.The phase delay interpolation is used to reduce the quanti-zation error of pulse counting for further improving the time measure-ment resolution.Test data show that the system for the measurement of the ultrasonic echo time of flight based on this algorithm and im-plemented on an Field Programmable Gate Array(FPGA) needs a rel-atively short time for measurement,and has a measurement error of less than 105 ps.