A new method for the detection of atomic spin precession based on the Mach-Zehnder interferometer (MZI) is proposed and experimentally demonstrated. Different from the conventional polarization detection methods which obtain the atomic spin precession signal by measuring the change of the probe laser power, the proposed method uses the laser modulated by an electro-optic phase modulator (EOM) as the source of the interferometer, and obtains the atomic spin precession signal by measuring the phase difference between the two arms of the MZI. The output of interferometer is independent of the probe laser power, which avoids the system error caused by the fluctuation of the probe laser power, and the long-term stability of the system is effectively improved. At the same time, the method adopts high-frequency electro-optic modulation, which can effectively suppress low-frequency noise, such as 1/f noise, and can significantly improve the detection sensitivity. The rotation sensitivity and long-term stability of the atomic comagnetometer were tested using the MZI detection method and a typical detection method, respectively. The comparison results show that the proposed method has the highest low frequency sensitivity and the potential to improve the long-term stability of the system.