Active encoding source non-contact stereo measurement method is proposed with one camera and one projector in non-specific posture. A hybrid calibration board is used to calibrate the camera and projector in the measurement system respectively and the mapping relationship between two-dimensional image coordinates and three-dimensional spatial coordinates is established. Feature points is projected from the horizontal and vertical Gray codes and their multi frequency division measurement fringes, and the three-dimensional spatial coordinates of target is obtained through inversion. This method avoids position and orientation constraints in the monocular stereo measurement and the use of external precision measuring equipment. At the same time, feature point matching in binocular stereo vision measurement is solved by this method. Experiments show that in the range of 1.2-1.6m measurement distance, the measurement accuracy can reach 1.5mm, which can realize the active encoding source stereo-measurement with monocular camera.