The invention relates to a G-M refrigerator with a phase modulating mechanism, which comprises a compressor (1), an air inlet valve (2), an exhaust valve (3), a heat regenerator (4), a cylinder (5), a piston (6), a hot cavity (7), a cold cavity (8), a sealing ring (9), driving mechanisms (10-12), an annular gap (13), a heat exchanger (14), an orifice valve (18) and an air reservoir (19). By introducing the phase modulating mechanisms, such as the orifice valve (18), the air reservoir (19) and the like, the working mode of gas in the annular gap (13) is changed to be identical to that of a vascular refrigerator with the phase modulating mechanism, a cooling effect is generated by fully utilizing the working doing through the expansion of the part of gas, and the gas leakage through the sealing ring (9) is eliminated, thereby improving the performance of the G-M refrigerator.