Fringe projection profilometry has been widely used in high-speed three-dimensional (3D) shape measurement. To improve the speed without loss of accuracy, we present a novel single-shot 3D shape measuring system that utilizes a coaxial fringe projection system and a 2CCD camera. The coaxial fringe projection system, comprising a visible light (red, green, and blue) projector and an infrared (IR) light projector, can simultaneously project red, green, blue, and IR fringe patterns. The 2CCD camera, as the name suggests, has two CCD chips that can acquire visible and IR fringe patterns at the same time. Combining the two-step phase-shifting algorithm, Fourier transform profilometry, and the optimum three-frequency selection method, 3D shape measurement of complex surfaces such as large slopes or discontinuous objects can be obtained from single-shot acquisition. A virtual fringe projection measurement system has been established to generate pre-deformed fringe patterns to correct positional deviations of the coaxial fringe projection system. This method has been applied to simulations and experiments on static and dynamic objects with promising results.