Shaft　radial　vibration　signals　of　rotary　machines　are　crucial　dynamic　information　for　condition　monitoring　and　fault　diagnosis.　A　novel　vision-based　fringe　projection　vibration　measurement　system　is　proposed　to　monitor　the　radial　displacements　of　a　rotating　shaft.　The　fringe　pattern　was　projected　on　the　surface　of　the　shaft　and　the　deformed　fringe　was　acquired　by　a　high-speed　camera.　A　novel　fringe　processing　algorithm　was　proposed　to　extract　the　radial　displacement　with　good　accuracy　and　efficiency.　The　vertical　displacement　could　be　obtained　by　locating　the　symmetric　center　of　the　recorded　fringe.　Meanwhile,　the　horizontal　displacement　could　be　ob-tained　from　the　shift　of　the　fringe　at　the　symmetric　center.　The　influence　factors　affecting　mea-surement　performance　were　analyzed.　Simulations　and　comparative　experiments　were　carried　out　for　the　verification　of　the　feasibility　and　reliability　of　the　proposed　system.　Comparing　with　the　multiple　eddy　current　sensors　based　system,　the　proposed　method　can　realize　multi-dimensional　vibration　measurement　using　one　camera.　The　merits　of　simple　in　system,　easy　in　operation,　high　accuracy　and　effectiveness　in　measurement　make　it　attractive　for　dynamic　characterization,　condition　monitoring　and　faults　diagnosis　of　rotating　machineries　in　actual　applications.