A novel real-time 2+1 three-dimensional(3D) measuring method based on bicolor grating video projection is proposed. Firstly, only two frames of bicolor gratings, in which the red channels are two sinusoidal fringes with a shifting phase of π/2 and the blue channels are the same background light equivalent to the DC component of the two sinusoidal fringes are encoded and arranged alternatively to synthesize into a repetitive bicolor grating video, While this video is projected onto the measured object, the real-time bicolor deformed pattern video can be recorded by using a color CMOS camera, and the bicolor deformed pattern sequence at different moments can be extracted by computer processing, so that the 2+1 algorithm can be used to accomplish real-time 3D measurement of moving object. Before measuring, we used the same method to design two sinusoidal fringes with a difference of π in their red channels, respectively, to calibrate the sensitivity ratio between the red and blue channels of the CMOS camera, which can effectively eliminate the chromaticity imbalance between R and B channels and reduce the color crosstalk. Experimental results and analysis confirm the feasibility and effectiveness of the proposed method. Because the proposed method needs a repetitive bicolor grating video synthesized with only two-frame bicolor gratings to be projected, the 3D measurement acquisition speed and real-time accuracy will be improved compared with the traditional 2+1 3D measuring method.