This masters degree thesis presents development of ultrasonic distance measurement equipment with high accuracy using binary frequency shift-keyed ( BFSK In this thesis is demonstrated efficient algorithm, that combines time of flight with phase detection. With this method we could manage to measure larger distance as measurement with only phase detection and it also enables us more accurate measurement of distance as time of flight method. With FPGA circuit we generated BFSK generator and phase detector, that enables us recording signal and calculation of time of flight, two phase differences and displaying measured result on LCD display. Test's were performed in air, with usage of BFSK modulation with frequency's 39 kHz and 41 kHz. Desired accuracy range of measurement was 0,05mm at distance over 6000mm, but because of high price range of high quality transducers, we did not manage to achieve this goal. Anyway main advantage of ultrasonic distance measurement is high accuracy, low price and easy implementation in existing system.