Previously developed methods for pitch modification have not been based on the voice source model. Therefore, the synthesized speech often sounds unnatural although it may be highly intelligible. The purpose of this paper is to analyze the alteration of a voice source signal with pitch period and to establish the pitch-modification rule based on the result of this analysis. We examine the alteration of the interval of closing phase, closed phase and open phase using the excitation waveform as the pitch increases. In comparison to the previous methods which performed directly on the speech signal, the pitch modification method based on a voice source model shows high intelligibility and naturalness. This study might benefit the application to the speaker identification and the voice color conversion. Therefore the proposed method will provide high quality synthetic speech.