A novel method and system for clock and data recovery in high speed serial transceiver applications allowing for fast bit lock acquisition and small data tracking error is presented. The clock and data recovery method utilizes a variable bandwidth loop filter to generate a phase adjustment signal used by a phase interpolator in generating a clock signal at the same frequency and phase as the incoming digital data stream. The loop filter bandwidth may be adjusted to correspond with a plurality of clock and data recovery operating modes. In particular, the filter bandwidth may be set to either a high or a low value depending on whether the phase difference between the recovered clock signal and the incoming digital data stream is above or below a programmed threshold value.