The low peak power of frequency-modulated continuous wave (FMCW) radar makes it attractive for various applications, including vehicle collision warning systems and airborne radio altimeters. This paper describes a new ultrasound Doppler measurement system that measures blood flow velocity based on principles similar to those of FMCW radar. We propose a sinusoidal wave for FM modulation and introduce a new demodulation technique for obtaining Doppler information with high SNR and range resolution. Doppler signals are demodulated with a reference FMCW signal to adjust delay times so that they are equal to propagation times between the transmitter and the receiver. Analytical results suggest that Doppler signals can be obtained from a selected position, as with a sample volume in pulse wave Doppler systems, and that the resulting SNR is nearly identical to that obtained with continuous wave (CW) Doppler systems. Additionally, clutter power is less than that of CW Doppler systems. The analytical results were verified by experiments involving electronic circuits and Doppler ultrasound phantoms.