Fringe structured light technology is a non-contact measurement method, which has developed rapidly in recent years and provides a new solution for on-machine detection in mechanical processing. However, the accuracy of structured light for on-machine detection is compromised by the convoluted lighting in machining environments and metal parts’ high reflectivity, leading to inaccurate measurements. Applying high dynamic range (HDR) technology to structured light detection can reduce the effect of high reflectivity, achieving the measurement of metal parts in complex scenes. This paper introduces the measurement principle of structured light and summarizes the challenges of on-machine detection for HDR structured light. Subsequently, this paper provides a comprehensive review of HDR structured light technology. In the context of on-machine detection of mechanical processing, the HDR technology based on hardware equipment and the HDR technology based on stripe algorithm are discussed and analyzed, respectively. Following this, different technologies are summarized according to the requirements of on-machine detection. The advantages and disadvantages of various methods are presented, and the applicability of on-machine detection is compared. Finally, the potential applications are analyzed, and the technological prospects will be proposed in combination with the research hotspots of advanced manufacturing technology and precision measurement in recent years.