Three-dimensional measurement technology based on structured light is characterized by speed, non-destructive contact, and good repeatability. In contrast, although traditional projection systems are widely used in mold inspection and engineering manufacturing, they have the disadvantage of defocusing. In this study, the principle of heterodyne interferometry was applied, and heterodyne interferometric fringes replaced coding fringes in a traditional grating projection. An industrial camera was used as it can acquire full-field three-dimensional data quickly. In accordance with the calculation of system parameters, a three-dimensional measurement system based on heterodyne interferometry was designed and manufactured. A phase-to-height model was first acquired using an electric moving stage and checkboard. Then, a standard ceramic plate was measured. Experimental results show that the three-dimensional shape and height information of a measured object can be successfully recovered using the developed system. The height resolution of this system achieves 22 μm at an observation angle of 30°; furthermore, the space resolution in the field of view exceeds 58 μm. Height error in the measurement of the standard ceramic plate is 75 μm. The developed system has the characteristics of high detection speed, compact volume, and insensitivity to environmental disturbances.