A novel encoding method is proposed for precise binocular three-dimensional (3D) measurement of colorful objects. According to the combination of the red-green-blue (RGB) model and the spectrum analysis methods, unique visual code values are attached with different colors respectively. The color code pattern is designed based on the principles of obvious change of wavelength, evident difference in color between adjacent color stripes, and unique code values for neighbors. A color calibration optimization algorithm is proposed to achieve color compensation and eliminate color confusion during the 3D measurement processing. A series of measurement experiments are performed to acquire the 3D shape of the colorful objects. The experimental results show that the 3D shape of the colorful objects can be easily and fast obtained by using this novel encoding method.