The accurate measurement of blood flow velocity in the capillary network is challenging due to the small size of the vessels and the slow flow of red blood cells (RBCs) within the vessel. Here, we introduce an autocorrelation analysis-based optical coherence tomography (OCT) method that takes less acquisition time to measure the axial blood flow velocity in the capillary network. The axial blood flow velocity was obtained from the phase change in the decorrelation period of the first-order field autocorrelation function (g1) of the OCT field data, which was acquired with M-mode acquisition (repeated A-scans). The rotation center of g1 in the complex plane was first re-centralized to the origin, then the phase change due to the movement of RBCs was extracted in the g1 decorrelation period which is usually 0.2-0.5 ms. In phantom experiments, the results suggest that the proposed method could accurately measure the axial speed with a wide range of 0.5-15 mm/s. We further tested the method on living animals. Compared with the phase-resolved Doppler optical coherence tomography (pr-DOCT), the proposed method can obtain robust axial velocity measurements with more than five times shorter acquisition time.