This study proposed a novel Fano resonance (FR) biosensor with ultrahigh detection sensitivity by integrating two dimensional (2D) hexagonal boron nitride (h-BN) nanosheets with a plasmonic silver film-silicon hybrid nanostructure. Owing to its ultralow-loss in surface plasmon polaritons (SPPs), 2D h-BN nanosheets can act as a planar photon waveguide (PWG) for generating energy level splitting. Notably, both asymmetric FR sharp lines and plasmon induced transparency (PIT) can be produced by modulating the coupling strength between the planar PWG mode provided by h-BN nanosheets and the surface plasmon polariton (SPP) mode in the silver film-silicon hybrid nanostructure. Compared with conventional phase-modulation SPR biosensors, our proposed configuration based on Fano resonance can produce ultrahigh reflectivity of 0.934 and overcome the limitation of quasi-darkness reflectivity which is difficult for further phase extraction. More importantly, our proposed FR configuration can provide a promising phase detection sensitivity as high as 3.13 × 10 degree per RIU (refractive index unit, RIU), which is enhanced by almost 100 times compared with conventional phase-modulation SPR biosensors. In addition, our proposed configuration has also shown the characteristics of multiple-order Fano resonances, largely depending on the partial coupling between the SPP mode and the different-order PWG mode. Our proposed FR biosensor can provide a highly promising candidate for designing a multiple-order FR platform for performing ultrasensitive detection.