In vibration scenarios, object vibration induces phase errors during phase-shifted fringe acquisition, which leads to a reduction in accuracy. To address this issue, a vibration error correction method based on projected speckle displacement and phase iteration compensation was proposed in this paper. During fringe projection process, speckle patterns were synchronously projected through an additional channel, and subpixel speckle displacement was obtained using digital image correlation. A proportional relationship between axial vibration and speckle displacement was established through depth-wise calibration, enabling vibration decoupling. Then, using the equivalent phase shift as an initial value, an iterative algorithm corrected the phase shift parameters and phase iteratively, which achieving phase compensation and reconstruction under vibration conditions. Experiment results have demonstrated that compared with Wang’s projection point tracking method, the proposed method reduced the measurement errors by 12.1% - 43.8% under different vibration amplitudes, which has improved the stability and reconstruction accuracy of 3D measurement of vibrating objects.