To achieve high-speed and low-resource consumption 3D measurement, we propose a parallel and full-pipeline FPGA architecture for the phase measuring profilometry algorithm. The proposed system uses four-step phase-shifting and gray code decoding to generate accurate 3D point clouds. Experimental results show that the proposed architecture can process 12 frames of images with a resolution of 720 × 540 in just 12.2 ms, which is 110 times faster than the same implementation in software, and has the smallest resource consumption compared with other similar FPGA systems. This makes the proposed system very suitable for high-speed embedded 3D shape measurement applications.