In this paper, an optical accelerometer based on grating interferometer with phase modulation technique is proposed. This device architecture consists of a laser diode, a sensing chip and an optoelectronic processing circuit. The sensing chip is a sandwich structure, which is composed of a grating, a piezoelectric translator and a micromachined silicon structure consisting of a proof mass and four cantilevers. The detected signal is intensity-modulated with phase modulation technique and processed with a lock-in amplifier for demodulation. Experimental results show that this optical accelerometer has acceleration sensitivity of 619 V/g and high-resolution acceleration detection of 3 μg in the linear region.