A stroboscopic online phase measurement profilometry (PMP) for high-speed rotating objects is proposed in this paper. In order to realize the online three-dimensional surface shape detection of a high-speed rotating workpiece, the traditional linear sinusoidal and traditional gray-coded gratings are replaced by circular sinusoidal and high-density binary-coded gratings, respectively. Further, the special stroboscopic synchronization control unit is designed to simultaneously trigger the projection system to project the phase shift grating and image acquisition unit to obtain the image synchronously, thereby obtaining the phase shift deformation stripes of the object at the same “frozen” position. Therefore, the static PMP phase shift algorithm can be used to reconstruct the three-dimensional surface shape information of the object. The experimental results demonstrate the feasibility and practicability of the proposed method. This method can effectively prevent the machining error caused by multiple clamping inconsistencies when the workpiece is detected offline, improve the workpiece detection and machining efficiencies, and be used to reconstruct the three-dimensional surface shape of other high-speed rotating objects.