We present a modulation transfer spectroscopy (MTS) configuration based on an acousto-optic modulator by using a variant of the typical double pass structure. One beam is modulated by using an acousto-optic modulator in opposite diffraction order to cancel the carrier frequency shift and produce a modulated pump beam. The line shape performance is investigated theoretically and experimentally. Laser frequency stabilization of the proposed configuration is demonstrated for the 133 Cs |6 2 S 1/2 , F = 4 → |6 2 P 3/2 , F = 5 transition. The Allan deviations, which are measured by using beat note signals and the three-cornered hat method, are 3.6×10 −11 in an integration time of 100 s and approximately 4×10 −11 in a longer integration time.