In order to overcome the limitations of the sequential phase-shifting fringe pattern profilometry for dynamic measurements, a color-channel-based approach is presented. The proposed technique consists of projecting and acquiring a colored image formed by three sinusoidal phase-shifted patterns. Therefore, by using the conventional three-step phase-shifting algorithm, only one color image is required for phase retrieval each time. However, the use of colored fringe patterns leads to a major problem, the color crosstalk, which introduces phase errors when conventional phase-shifting algorithms with fixed phase-shift values are utilized to retrieve the phase. To overcome the crosstalk issue, we propose the use of a generalized phase-shifting algorithm with arbitrary phase-shift values. The simulations and experimental results show that the proposed algorithm can significantly reduce the influence of the color crosstalk.