The process accuracy of phase-masked spatial carrier interferogram is related to the performance of the dynamic interferometer. According to the property of the phase mask, a method based on Fourier transform is proposed to extract the phase from the phase-masked spatial carrier interferogram. The method translates the full-resolution interferogram into a linear spatial carrier interferogram by pixel rearrangement, and then extracts the final full-resolution phase distribution by Fourier transform and pixel rearrangement again. Experimental results show that the peak-valley value and the root mean square of four-step phase shifting algorithm are 0.7467λ and 0.0348λ respectively, while those of the proposed method are 0.2989λ and 0.0088λ. Thus the proposed method is more accurate than four-step phase shifting algorithm for analyzing phase-masked spatial carrier interferogram.