We propose a novel, to our knowledge, method for modulating and real-time monitoring of the carrier-envelope phase (CEP) of terahertz (THz) pulses. CEP is an essential parameter in the interaction of THz waves with matter due to the difference in temporal symmetry when the carrier is extended for several cycles. CEP can be continuously modulated at full range with high speed by oscillating the optical path length of the Michelson interferometer under 1 µm, as confirmed by electro-optic (EO) sampling. The proposed method can be combined with a data acquisition method that links the experimental parameters and measurements of individual high-repetition THz pulses to realize robust CEP modulation measurements. As the proposed CEP modulation and monitoring system does not require EO sampling but only extracts CEP dependence, the trend toward ultrafast physical property control and observation using THz pulses will spread to other fields.