Due to its sensitivity to noise, the instability of phase-shifting devices and environmental vibration, white light phase shift interferometry is prone to modulation positioning errors and phase errors. This paper proposes a high-precision phase error compensation method, and establishes a white light phase shift interference model with phase error estimation. This method can calculate and compensate the phase error in the classical phase shift algorithm. The simulation results show that the proposed method can effectively improve the accuracy of phase shift interferometry compared with the classical phase shift interferometry algorithm.