A new acoustic grating fringe projector (AGFP) was developed for high-speed and high-precision 3D measurement. A new acoustic grating fringe projection theory is also proposed to describe the optical system. The AGFP instrument can adjust the spatial phase and period of fringes with unprecedented speed and accuracy. Using rf power proportional-integral-derivative (PID) control and CCD synchronous control, we obtain fringes with fine sinusoidal characteristics and realize high-speed acquisition of image data. Using the device, we obtained a precise phase map for a 3D profile. In addition, the AGFP can work in running fringe mode, which could be applied in other measurement fields. OCIS codes: 150.6910, 230.1040, 120.0120.