The Gray-code assisted phase-shifting technique can achieve three-dimensional (3D) shape measurement with strong robustness and anti-noise ability. To solve the order edge error caused by the uneven surface reflectivity of the measured object, noise, object motion, and other factors, a dynamic 3D shape measurement method based on misaligned Gray code is proposed. The traditional Gray-code patterns are moved in advance by half fringe period before projection to obtain misaligned Gray-code patterns, then the traditional Gray-code decoding method is used to decode the binarized misaligned Gray-code patterns to acquire a decoding result that is completely staggered from the wrapped phase. By correcting the decoding result, the obtained correct phase order can be used to assist the wrapped phase to be successfully unwrapped. Meanwhile, a virtual phase plane is introduced to further expand the number of projected fringe periods and ultimately to improve the measurement accuracy. The experimental results show that the proposed method can perform 3D measurement by coding projection fringes with 2^N+1 periods when N-frame Gray-code patterns are used, which can avoid the order edge error without any additional patterns and effectively improve the measurement accuracy. The 3D reconstructed results in complex dynamic scenes prove that the proposed method can achieve high-precision, high-efficiency, and high-speed 3D shape measurement at a rate of 2381 frames/s.