A delta-sigma modulator and a transmitter apparatus including the same are disclosed. The delta-sigma modulator includes a first integrator, a second integrator, a first comparator configured to compare an output signal of the second integrator and a reference signal, and output a first comparison signal, a second comparator configured to compare the output signal of the second integrator and the reference signal, and output a second comparison signal, a first DAC configured to output the first signal corresponding to the first comparison signal and the second comparison signal, a second DAC configured to output the second signal corresponding to the first comparison signal and the second comparison signal, a delayer configured to generate a delayed signal that delays the first comparison signal and the second comparison signal by a predetermined time, and an output DAC configured to generate an output signal having a multi-level corresponding to the delayed signal.