The excitation spectrum for the three-dimensional Bose gas in the Bose-Einstein condensation phase is calculated nonperturbatively with the modified Hartree-Fock-Bogoliubov theory, which is both conserving and gapless. From improved $\ensuremath{\Phi}$-derivable theory, the diagrams needed to preserve the Ward-Takahashi identity are re-summed in a systematic and nonperturbative way. It is valid up to the critical temperature where the dispersion relation of the low-energy excitation spectrum changes from linear to quadratic. Because including the higher-order fluctuation, the results show significant improvement on the calculation of the shift of critical temperature with other conserving and gapless theories.