AbstractThe development of new optical materials and metamaterials has seen a natural progression toward both nanoscale geometries and dynamic performance. The development of these materials, such as optical metasurfaces which impart discrete, spatially dependent phase shifts on incident light, often benefits from the measurement of transmitted or reflected phase. Careful measurement of phase typically proves difficult to implement, due to high measurement sensitivity to practically unavoidable environmental sources of noise and drift. To date, no characterization technique has yet emerged as a frontrunner for these applications. This challenge is addressed using a custom‐designed three‐beam Mach–Zehnder interferometer capable of continuously referenced measurement of both phase and transmittance, resulting in a 10× reduction of noise and drift and phase measurement standard deviation over 10 min of 0.56° and over 16 h of 2.8°. High measurement stability provided by this method enables samples to be easily characterized under dynamic conditions. Temperature‐dependent measurements are demonstrated with phase‐change material vanadium dioxide (VO2), and with wavelength‐dependent measurements of a dielectric Huygens metasurface supporting a characteristic resonant reflection peak. A Fourier‐based signal filtering technique is applied, reducing measurement uncertainty to 0.13° and enabling discernment of monolayer thickness variations in 2D material MoS2.