An adaptive fringe-pattern projection method based on image fusion and interpolation prediction is proposed. Firstly, based on multi-mask image fusion, the saturation threshold required for the optimal projection gray value is obtained, and the optimal projection gray value is obtained by combining interpolation prediction and search algorithm. Then, by reducing the overall projection intensity, the coordinate matching is carried out in the unsaturated condition, and the adaptive fringe is finally generated. Finally, the generated adaptive fringe is projected to the object to be measured, and the phase solution and three-dimensional shape reconstruction are performed by heterodyne multi-frequency phase shift method. The experimental results show that the phase information in local over-exposure region can be obtained completely by the proposed method, the average error and standard deviation in absolute direction and forward direction are smaller than those obtained by traditional method, and the average error in absolute direction is reduced by 84.1% and the standard deviation in forward direction is reduced by 69.4%. The proposed method effectively solves the difficult problem of 3D shape measurement of high-reflective surfaces.