A phase retardance inspection instrument, comprising: a light source module for generating a single-wavelength light beam; a circularly polarized light generating module, comprising a polarizer and a first phase retarder, for receiving the single-wavelength light beam as it is guided to pass through the polarizer and the first phase retarder in order; and a detecting module, comprising a second phase retarder, a polarizing beam splitter, a first image sensor and a second image sensor, for receiving and guiding a circularly polarized light beam to travel through the second phase retarder and the polarizing beam splitter in order after it passes through a substrate under inspection, wherein the polarizing beam splitter splits an elliptically polarized light beam into intensity vector components of a left-hand circularly polarized light beam and a right-hand circularly polarized light beam, which are to be emitted into the first image sensor and the second image sensor, respectively.