A new method of two-channel phase measuring profilometry is presented. In color space, red and blue are independent, so they can be regarded as independent information channels. Two phase-opposite linearly coded gratings are put in red and blue channels, respectively, forming a color coded projecting grating. The image is received by a color CCD camera and digitized by PC based frame grabber. From red and blue channels two phase-opposite grate-modulated pictures with single sampling can be obtained. The proposed phase measuring profilometry can be used in the measurement of a dynamic profile.