A fast 3D reconstruction method based on structured light to measure various parameters of the raceway groove is presented. Digital parallel grating stripes distributed with sine density are projected onto the raceway groove by a DLP projector, and distorting of stripes is happened on the raceway. Simultaneously, aided by three-step phase-shifting approach, three images covered by different stripes are obtained by a high-resolution CCD camera at the same location, thus a more accuracy local topography can be obtained. And then the bearing is rotated on a high precision computer controlled rotational stage. Three images are also obtained as the former step at next planned location triggered by the motor. After one cycle, all images information is combined through the mosaics. As a result, the 3D information of raceway groove can be gained. Not only geometric properties but also surface flaws can be extracted by software. A preliminary hardware system has been built, with which some geometric parameters have been extracted from reconstructed local topography.