In this paper, a detailed analysis of the influence of phase noise on the micro-electro-mechanical system (MEMS) disk resonator gyroscope (DRG) is presented. Firstly, a new time-varying phase noise model for the gyroscope is established, which explains how the drive loop circuit noise converts into phase noise. Different from previous works, the time-varying phase noise model in this paper is established in mechanical domain, which gain more physical insight into the origin of the phase noise in gyroscope. Furthermore, the impact of phase noise on DRG is derived, which shows how the phase noise affects angular velocity measurement. The analysis shows that, in MEMS DRG, the phase noise, together with other non-ideal factors such as direct excitation of secondary resonator, may cause a low frequency noise in the output of the gyroscope system and affect the bias stability of the gyroscope. Finally, numerical simulations and experiment tests are designed to prove the theories above.