Projection speed of a digital light processing projector is low, which limits the three-dimensional (3D) measurement speed of structured light. To solve this problem, a 3D measurement system of fringe-structured light based on a high-speed light emitting diode (LED) array is proposed using the LED array with terahertz switching speed as the projection light source. Particularly, the high-speed LED array is used to project a binary fringe pattern, and a sinusoidal fringe is obtained on a measured 3D object's surface by slightly defocusing the lens of the projection system, and the object's height is calculated. Afterward, the object is reconstructed by combining phase-shifting and multifrequency heterodyne methods. As an experiment, the proposed system was used for 3D measurement of a stepped object with a rotation speed of 3000 r/min at a projection speed of 21000 frame/s. The proposed system can measure a dynamic object at a speed of 6000 Hz, and the measurement accuracy reaches 0.1 mm, which realizes 3D shape reconstruction of high-speed moving objects. In addition, it shows the feasibility of using a high-speed LED array as a projection light source to improve 3D measurement speed to megahertz.