We present the results of a detailed timing and spectral analysis of the quasi-regular modulation (QRM) phenomenon in the black hole X-ray binary 4U 1630–47 during its 1998 outburst observed by Rossi X-ray Timing Explore (RXTE). We find that the ∼ 50-110 mHz QRM is flux dependent, and the QRM is detected with simultaneous low frequency quasi-periodic oscillations (LFQPOs). According to the behavior of the power density spectrum, we divide the observations into four groups. In the first group, namely behavior A, LFQPOs are detected, but no mHz QRM. The second group, namely behavior B, a QRM with frequency above ∼ 88 mHz is detected and the ∼ 5 Hz and ∼ 7 Hz LFQPOs are almost overlapping. In the third group, namely behavior C, the QRM frequency below ∼ 88 mHz is detected and the LFQPOs are significantly separated. In the forth group, namely behavior D, neither QRM nor LFQPOs are detected. We study the energy-dependence of the fractional rms, centroid frequency, and phase-lag of QRM and LFQPOs for behavior B and C. We then study the evolution of QRM and find that the frequency of QRM increases with hardness, while its rms decreases with hardness. We also analyze the spectra of each observation, and find that the QRM rms of behavior B has a positive correlation with $\rm F_{\rm powerlaw}$ / $\rm F_{\rm total}$. Finally, we give our understanding for this mHz QRM phenomena.