Fringe projection profilometry has been increasingly sought and applied in dynamic three-dimensional (3D) shape measurement. In this work, a robust, high-efficiency 3D measurement based on Gray-coded light is proposed. Unlike the traditional method, a tripartite phase unwrapping method is proposed to avoid the jump errors on the boundary of code words, which are mainly caused by the defocusing of the projector and the motion of the tested object. Subsequently, the time-overlapping coding strategy is presented to greatly increase the coding efficiency, decreasing the projected number in each group from seven (i.e., 3+4) to four (i.e., 3+1) for one restored 3D frame. The combination of two proposed techniques allows the reconstruction of a pixel-wise and unambiguous 3D geometry of dynamic scenes with strong noise using every four projected patterns. To the best of our knowledge, the presented techniques for the first time preserve the high anti-noise ability of a method based on the Gray code while overcoming the drawbacks of jump errors and low coding efficiency. Experiments have demonstrated that the proposed method can achieve robust, high-efficiency 3D shape measurement of high-speed dynamic scenes even polluted by strong noise.