This paper presents a fast motion-compensated structured-light vision system that realizes 3-D shape measurement at 500 fps using a high-frame-rate camera-projector system. Multiple light patterns with an 8-bit gray code, are projected on the measured scene at 1000 fps, and are processed in real time for generating 512×512 depth images at 500 fps by using the parallel processing of a motion-compensated structured-light method on a GPU board. Several experiments were performed on fast-moving 3-D objects using the proposed method.