On-line phase measuring profilometry (OPMP) for a rotating object is proposed. N frames of circular sinusoidal grating patterns are designed in advance, in which the transmittance along the radial direction is sinusoidal and there is a fixed shifting phase pitch of 2π/N between every adjacent two grating patterns along the radial direction. While the measured object is rotating, the designed grating patterns are projected onto the rotating object by digital light processing and the corresponding deformed patterns caused by the object at different positions are captured by a charge coupled device camera. By pixel matching and rotation transformation with special marks, N frames of the deformed patterns of the object at the same position can be extracted. Hence, the rotating object can be reconstructed by the extracted deformed patterns. The results of computer emulation and experiment show the feasibility and validity of the proposed OPMP. Either the maximum measurement absolute error is 0.118 mm or the maximum root mean square error is 0.077 mm in the measured region of 0 to 25 mm.