We propose a novel modified frequency-shifted interferometer, where a Mach–Zehnder interferometer is added in order to obtain wavelength information. We use the Hilbert transform to extract the wavelength information from the phase of the interference pattern and construct the relationship between phase and wavelength. The laser wavelength measurement experiment is used to verify the compound interferometer. Experimental results demonstrated that our method could obtain the wavelength from the phase, which is of great significance for demodulation of the fiber Bragg grating based on a frequency-shifted interferometer.