Three-dimensional (3-D) shape reconstruction based on the phase shift method has high accuracy and is not sensitive to environmental noise and shadows. However, it is difficult to apply to the 3-D measurement of dynamic objects due to the phase-resolving of multiple fringes. To this end, a new algorithm is proposed. First, the corner points of the rigid moving checkerboard are extracted based on the Harris algorithm, the pixel deviation between the captured fringe images of two adjacent frames is determined and the captured fringe image is corrected. Then, the spacial transform matrix between the projection image and the captured image are established according to the calibration parameters of the projector and the camera. According to the transform matrix, the corrected projection fringe image is obtained. Third, high-speed projection technology is used to reduce the pixel deviation between frames. Finally, the corrected projection fringe images are projected and the captured images are transformed, so as to obtain the captured fringes similar to the static objects. Experimental results have proved that the proposed method can reconstruct the three-dimensional shape of the flexible and rigid moving objects with a determined trajectory and speed with high accuracy.