A time-to-digital converter (TDC) with fine resolution of less than one inverter delay is described. In an exemplary design, the TDC includes first and second delay paths, a delay unit, and a phase computation unit. The first delay path receives a first input signal and a first reference signal and provides a first output. The second delay path receives a second input signal and a second reference signal and provides a second output. The delay unit delays the second input signal relative to the first input signal or delays the second reference signal relative to the first reference signal, e.g., by one half inverter delay. The phase computation unit receives the first and second outputs and provides a phase difference between the input signal and the reference signal. Calibration may be performed to obtain accurate timing for the first and second delay paths.