Among methods for measuring the surface profile based on fringe projection, temperature drift and vibration are the main factors which cause phase drift in fringes. To stabilize the fringe phase, peak detection has been used to simplify the process of phase extraction in the phase compensation system (PCS), and a phase stabilization technique based on sinusoidal phase modulation (SPM) has been developed. The optical fiber arms are twined on the cylinder-shaped piezoelectric transition (PZT), and a sinusoidal drive signal has been injected into PZT to realize SPM. The fringe projection can be achieved by combing Mach-Zehnder interference and Young's interference, in which the beams are split by a 2×2 fiber coupler. The photo detector detects Michelson interference signal formed by two reflected beams on two fiber exit faces, and the phase shift is extracted in the phase compensation system. The Coordinated Rotation Digital Computer (CORDIC) is applied for the arcsine calculation, and then a compensation signal is generated and added to drive PZT to achieve a well phase stabilization performance. Experiments show that phase stability in fringes can be measured with a precision up to 5.5 mrad, and the phase shift caused by external disturbances have been well eliminated.