Phononic crystals composed of delicately designed periodic units are used to control spatial and spectral properties of acoustic or elastic waves. The ability to manipulate transmitting waves in a real-time dynamic manner provides a new concept in programable phononic crystals and metamaterials. In this study, the mechanical waves and bandgaps in a two-dimensional spring-mass array loaded by high-frequency parametric excitation have been investigated by both analytical and numerical methods. It is found that the high-frequency parametric excitation provides an equivalent additional stiffness which leads to low-frequency bandgaps. By tuning the parametric excitation, the versatility of such a dynamic modulating technique has been presented. The waveguide structure has also been designed and studied by non-uniformly distributed parametric excitations.