Phase measuring profilometry and moiré methodology have been widely applied to the three-dimensional shape measurement of target objects, because of their high measuring speed and accuracy. However, these methods suffer from inherent limitations called a correspondence problem, or -ambiguity problem. Although a kind of sensing method to combine well-known stereo vision and phase measuring profilometry (PMP) technique simultaneously has been developed to overcome this problem, it still requires definite improvement for sensing speed and measurement accuracy. We propose a dynamic programming-based stereo PMP method to acquire more reliable depth information and in a relatively small time period. The proposed method efficiently fuses information from two stereo sensors in terms of phase and intensity simultaneously based on a newly defined cost function of dynamic programming. In addition, the important parameters are analyzed at the view point of the -ambiguity problem and measurement accuracy. To analyze the influence of important hardware and software parameters related to the measurement performance and to verify its efficiency, accuracy, and sensing speed, a series of experimental tests were performed with various objects and sensor configurations.