Circuit delays are increasingly sensitive to process, voltage, temperature, and aging (PVTA) variations, severely impacting circuit performance. Accurate measurement of circuit delay is essential. However, the additional hardware structures for measuring circuit delay add to the critical path delay. To address this issue, this paper proposes a bypass-based ring oscillator (BPath-RO) that reduces the impact on the critical path delay by moving the added measurement control structures to the bypass. The proposed measurement scheme requires only two transistors inserted into the critical path, which is more conducive to engineering change order (ECO). Measurement simulation experiments were performed on representative critical paths of the ISCAS’89 s298 and ITC’99 b15 benchmark circuits. The experimental results show that, in comparison with the existing architectures, the Bpath-RO delay measurement scheme improves the circuit performance by an average of 13.81% (s298) and 3.47% (b15) and reduces the hardware overhead by up to 70% for each path.