An on-line three-dimensional (3D) measurement method based on low modulation feature for pixel matching is proposed. Only a fixed sinusoidal fringe is projected on the measured object moving with a constant speed. The object′s movement can produce the corresponding phase shifting deformed patterns. When several deformed patterns are recorded at equivalent steps by CCD, pixel matching must be done for these patterns in which the points are not one-to-one corresponding because of the measured object′s movement. On the basis of cutting the modulation information of the object from deformed patterns, Otsu algorithm is used to do the binarization automatically. The area having low modulation is segmented to be regarded as a featured template to realize the pixel matching and several phase shifting deformed patterns in which the points are one-to-one corresponding are acquired. The equal-step phase shifting algorithm is used to reconstruct the surface information of the measured object. Simulations and experiments show feasibility and validity of this method.