A color-encoded fringe reflection technique is presented for dynamic specular surface measurement. Only one color-encoded fringe pattern is required in this method. In comparison with the reported dynamic specular surface measuring method (the composite fringe pattern method), the proposed color-encoded fringe technique has higher phase accuracy. The color intensity crosstalk problem between the three channels is discussed. As a result, this problem will seldom affect the phase accuracy of the proposed method. This turns out to be the main reason why the presented method can achieve a higher measuring accuracy than the existing dynamic measurement method. In addition, the proposed color-encoded fringe technique is proven to be more suitable than the existing method for the complex tested surface. The vibrating measuring experiment of a wafer proves the ability of the proposed method to achieve dynamic measurement.