Wavelet ridge extraction is a key step in the wavelet transform profilometry. The speed and noise suppression capability of the wavelet ridge extraction method directly influences the wavelet transform profilometry. One new wavelet ridge extraction method used in the two-dimensional wavelet transform profilometry is proposed based on a new evaluation function. This function is established by using the module information from the wavelet transform coefficients, fringe instantaneous frequency and local fringe direction to improve the noise suppression capability. Moreover, one fast dynamic optimization algorithm is adopted to improve the wavelet ridge extraction speed. Computer simulation and experimental demonstration verify the proposed method’s effectiveness.