Based on silicon-on-insulator (SOI) technology, a Mach-Zehnder interferometer (MZI) is fabricated, in which two directional couplers serve as power splitter and combiner. The free carrier plasma dispersion effect of Si is adopted to achieve the phase modulation and the consequent intensity modulation of optical fields. The device presents an insertion loss of 2.61 dB and an extinction ratio of 19.6 dB. The rise time and fall time are 676 ns and 552 ns, respectively. Detailed analysis and explanation of the performance behaviors are also presented.