This paper analyzed the phase noise characteristics of frequency-shifting module by figuring out the relationship between the phase noise components of 1st and 2nd local oscillator composing the frequency-shifting module and those of RF output signals shifted in frequency. Also, frequency-shifting module with the improvement of the phase noise performance was designed and implemented by means that the phase noise components of 1st local oscillator were cancelled in the output signal. Output signal has been affected by only phase noise of 2nd local oscillator, which had excellent phase noise performance than that of the 1st local oscillator.