This paper proposes a three-dimensional reconstruction method based on speckle and phase hybrid light field modulation. First, based on the principle of binocular stereo vision, 2 frames of speckle and 3 frames of phase-shifted fringe patterns are projected on the surface of the tested object. Then, the collected speckle images are used for stereo matching to obtain a coarse disparity map, and two sets of truncated phases are sequentially analyzed by adjusting the fringe frequency. Finally, two sets of phase-assisted coarse disparity maps are used for precise matching, resulting in the highest-precision three-dimensional reconstruction. The experimental results show that, compared with the traditional method, the reconstruction speed of the method is faster, the accuracy is higher, and the robustness is stronger. In addition, the method does not require phase unwrapping, which solves the problem that the matching point appears near the boundary of the truncated phase period, which may easily lead to incorrect matching.