This work developed a method that uses a single monochrome high-speed camera without sacrificing the spatial resolution to measure both in-plane and out-of-plane full-field vibrations. By using the high-speed camera and a two-dimensional digital image correlation (2D-DIC) algorithm, the method first extracts the out-of-plane displacement field from the measured virtual in-plane strains. Then it retrieves the in-plane displacement field after eliminating the out-of-plane motion-induced virtual component. For validation, in-plane and out-of-plane translation tests and single-frequency vibration experiments were carried out. The measurement results show good agreement with the reference values, indicating the effectiveness of the proposed high-speed 2D-DIC (HS-2D-DIC). Further, the natural frequencies and mode shapes of a rectangular cantilever panel were also measured successfully, exhibiting the method’s effectiveness in practical applications. Since the HS-2D-DIC requires only a single monochrome camera, no complex optical setup, and no complicated calibration process, the method can be developed as a competitive tool for full-field vibration characterizations.