The optical triangulation probe (OTP), which consists of a light spot projector and a camera, has found widespread applications for three-dimensional (3D) measurement and quality control of products in the industrial manufacturing. The OTP calibration is an extremely important issue, since the performances such as high accuracy and repeatability are crucially depended on the calibration results. This paper presents a flexible approach for modeling and calibration of the OTP, which only requires planar patterns observed from a few different orientations and light spots projected on the planes as well. For the calibration procedure, the structure parameters of the OTP are calculated, such as the camera extrinsic and intrinsic parameters which include the coefficients of the lens distortion, and the directional equation for the light axis of the projector. For the measuring procedure, the formulations of 3D computation are concisely described using the calibration results. Experimental tests of the real system confirm the suitable accuracy and repeatability. Furthermore, the technique proposed here is easily generalized for the OTP integration in robot arms or Coordinate Measuring Machines (CMMs).