Modulation spectrogram is effective for analyzing underwater signals which consist of tonal and modulated components. This method can analyze the acoustic and modulation frequency at the same time, but has the trade-off issue of time-frequency localization. This letter introduces a reassignment method for overcoming the localization issue in conventional spectrograms, and then presents an alignment scheme for implementing modulation spectrogram. Relevant experiments show improvement in acoustic frequency estimation perspective and an increment in analyzable modulation frequency range.