The effect of power supply noise on the phase noise of a ring oscillator is studied. The power supply noise source in series with DC power supply voltage is applied to a 3 stage CMOS ring oscillator. The phase noise due to the power supply noise is modeled by the narrow band phase modulation. The model is verified by the fact that the spectrum of output of ring oscillator has two side bands at the frequencies offset from the frequency of the ring oscillator by the frequency of the power supply noise source. Simulations at several different frequency of the power supply noise reveals that the ring oscillator acts as a low pass filter to the power supply noise. This study, as a result, shows that the phase noise generated by the power supply noise is inversely proportional to the frequency offset from the carrier frequency.