Converting three-dimensional (3D) point cloud data to two-dimensional (2D) image based on virtual structured-light system is a popular method in 3D data compression because the image format is easier to process by the exiting storing and transmitting methods. When this method is used in the 3D point cloud compression, the quantization error is introduced during the coordinate mapping. To solve this problem, a virtual structured-light 3D point cloud compression algorithm based on geometric reshaping is presented. And a least-square system parameter optimization method is proposed to further improve the data decoding accuracy. In the proposed method, the 3D spatial coordinates are reshaped to a 2D matrix first, and then the 2D matrix is stored as a “Holoimage” by using the parameter optimized virtual structured-light system. The quantization error introduced by coordinate mapping between X and Y coordinates of the 3D point cloud and the 2D image pixel coordinates is suppressed, so the decoding accuracy is improved. In addition, the geometric information of the 3D point cloud is hidden synchronously when the 3D point cloud is compressed, which is of great significance in the copyright protection of the point cloud data. Experiments verify the effectiveness of the proposed algorithm. The decoding root mean square error (RMSE) of the proposed method is decreased by 79.86% on average compared with the traditional one under the same compression ratio, and the compression ratio of the proposed method is 1.96 times bigger than the traditional one under the similar decoding accuracy.