With the development of navigation satellite constellation systems, to improve navigation service and orbit determination performance, the accuracy requirements for maintaining temporal references have increased rapidly. Among the current navigation satellites, a dual one-way ranging (DOWR) approach based on intersatellite links (ISLs) is widely adopted in the BeiDou system and global positioning system (GPS) to transmit satellite time reference information. However, the accuracy of DOWR is restricted by the pseudonoise (PN) code rate. To improve the accuracy of DOWR, the PN code measurement must be replaced by the carrier phase measurement. This paper introduces an algorithm that utilizes frequency hopping to achieve carrier phase ranging. In addition to the high-precision advantages of carrier phase measurements, the anti-interference performance of the ranging signal is also improved due to the characteristics of the frequency hopping signal itself. Ultimately, at a carrier-to-noise ratio of 40 dB-Hz, the measurement accuracy is 9.54 μm, while the PN code measurement accuracy in the same environment is 0.13 m. As the carrier-to-noise ratio increases, the measurement accuracy further improves.