In the area of the speech synthesis techniques, the waveform coding methods maintain the intelligibility and naturalness of synthetic speech. In order to apply the waveform coding techniques to synthesis by rule, we must be able to alter the pitches of synthetic speech. In this paper, we propose a new pitch altering method that compensates phase distortion of the cepstral pitch alteration method with time scaling method in the time domain. This method can remove some spectrum distortion which is occurred in conjunction point between the waveforms. For performance test the spectrum distortion rate was used as objective criterion and the MOS(Mean Opinion Score) was used as subjective criterion. As a result, the spectrum distortion and MOS are obtained by 0.66% and 3.9, respectively.