This paper addresses the phase noise analysis of high-speed DH-PLL(Digital Hybrid Phase-Locked Loops) frequency synthesizer. Because of the additional quantization noise of D/A converter in DH-PLL, the phase noise of DH-PLL is increased than the conventional PLL. Three kinds of noise sources such as reference input, D/A converter, and VCO(Voltage Controlled Oscillator) are considered to analyze the phase noise. It largely depends on the closed loop bandwidth and frequency synthesis division ratio(N) so that we can decide the optimal closed loop bandwidth to minimize the phase noise of DH-PLL. It is shown that the simulation results closely match with the results of analytical approach.