Phase-shifting profilometry has been widely used in high-accuracy three-dimensional (3D) shape measurement. However, for dynamic scenarios, the object motion will lead to extra phase shift and then motion-induced error. Convenient and efficient motion-induced error compensation is still challenging. Therefore, we proposed a real-time motion-induced error compensation method for 4-step phase-shifting profilometry. The four phase-shifting images are divided into two groups to calculate two corresponding wrapped phases, one from the first three fringes and the other from the last three fringes. As the motion-induced error doubles the frequency of the projected fringes, the average phase can effectively compensate the motion-induced error because there is a π/2 phase shift between the adjacent frames. Furthermore, we designed a time sequence by recycling the projection fringes in a proper order, and the efficiency of 3D reconstruction could be effectively improved. This method performs pixel-wise error compensation, based on which we realized 50 fps real-time 3D measurement by GPU acceleration. Experimental results demonstrate that the proposed method can effectively reduce the motion-induced error.