This paper proposes a fast motion-compensated structured-light method that realizes 3-D shape measurement of moving object at 500 frames per second (fps) by using a high-frame-rate synchronized camera-projector system. In this method, multiple light patterns coded with an 8-bit gray code are projected on the measured scene at 1000 fps; images captured simultaneously are processed in real time for generating 512×512 depth images at 500 fps by introducing the parallel processing approach on a GPU board. Experiments were performed on moving object to verify the effectiveness of the proposed method.