In this paper, a new modulation measuring profilometry method based on phase-shifting and modulation ratio is proposed in order to balance the measurement speed and accuracy of the traditional methods. In the proposed method, a special projection system comprising a common projection lens and a cylindrical lens is used. Two groups of vertical and horizontal phase shifting sinusoidal grating fringes are projected onto the measurement area. The “image planes” of the two types of fringes are separated by the cylindrical lens, and the measurement area is between the two “image planes.” The modulation distributions of the two types of sinusoidal grating fringes are obtained using a phase shifting algorithm, and the mapping relationship between the modulation ratio of the fringes and the actual position is established. The three-dimensional shape of the object can be reconstructed according to the mapping relationship between modulation ratio of the fringes and the actual position. In addition, the experiments are conducted to evaluate the feasibility of the proposed method.