Phase-shifting profilometry (PSP) is considered to be the most accurate technique for phase retrieval with fringe projection profilometry (FPP) systems. However, PSP requires that multiple phase-shifted fringe patterns be acquired, usually sequentially, which limits PSP to static or quasistatic imaging. We introduce color FPP (CFPP), which provides three-dimensional (3D) imaging using a single acquisition, for the application of real-time profiling. A single frame acquisition provides all three phase-shifted fringe patterns needed for the PSP phase retrieval algorithm. However, some problems must be overcome in CFPP, namely, color coupling and imbalance. Following up on the study, we propose a fixed coefficient decoupling method based on point-to-point correction and then introduce the empirical mode decomposition algorithm to decompose a color fringe pattern into three high-frequency components and three low-frequency components for imbalance correction, which improves measurement accuracy and realizes a single frame measurement for complex and discontinuous objects. After correction by the proposed method, the shape of the tested object can be recovered by one a single frame color fringe pattern, which meets the need for dynamic measurement, and the accuracy is not limited by the movement speed of object. The simulations and experimental results show that the proposed method can significantly reduce the influence of color coupling and imbalance in CFPP, and thus realize dynamic and high-precision 3D reconstruction.