An all-digital voltage-controlled oscillator (VCO)-based second-order multi-stage noise-shaping (MASH) ΔΣ time-to-digital converter (TDC) is presented in this paper. The prototype of the proposed TDC was implemented on an Altera Stratix IV FPGA board. In order to improve the performance over conventional TDCs, a multirating technique is employed in this work in which higher sampling rate is used for higher stages. Experimental results show that the multirating technique had a significant influence on improving signal-to-noise ratio (SNR), from 43.09 dB without multirating to 61.02 dB with multirating technique (a gain of 17.93 dB) by quadrupling the sampling rate of the second stage. As the proposed design works in the time-domain and does not consist of any loop and calibration block, no time-to-voltage conversion is needed which results in low complexity and power consumption. A built-in oscillator and phase-locked loops (PLLs) of the FPGA board are utilized to generate sampling clocks at different frequencies. Therefore, no external clock needs to be applied to the proposed TDC. Two cases with different sampling rates were examined by the proposed design to demonstrate the capability of the technique. It can be implied that, by employing multirating technique and increasing sampling frequency, higher SNR can be achieved.