In this paper, we investigate the symbol error probability (SEP) of phase-squeezed M-ary phase-shift keying (M-PSK). Since the relevant observable for M-PSK detection is the optical phase, we adopt the adaptive Mark-II receiver which is a physically realizable phase measurement. First, we develop a theoretical analysis based on the phase probability operator measure (POM) of the Mark-II scheme in the Fock basis. Then, we develop two SEP methods based on the statistics of the received PSK symbol and the error introduced by the Mark-II measurement. The first method derives the phase probability density induced by the squeezed state noise and incorporates the additional Mark-II phase uncertainty through an angular convolution. Since this convolution does not admit a simple closed form, we also introduce an effective tangential-variance model, which yields a closed form SEP expression in terms of the Owen's T-function. Numerical results show that phase squeezing substantially reduces the SEP of M-PSK compared to coherent state transmission, with greater gains for higher constellation orders. Notably, for the investigated scenario, squeezing can almost double the photon efficiency of M-PSK as the mean number of transmitted photons increases. Finally, the proposed approximations closely follow the Mark-II POM analysis, typically within an accuracy of 2-4 photons, and therefore provide accurate and computationally efficient tools for analyzing phase squeezed quantum M-PSK communication.