To solve the problems of measurement errors led by mismatches of dense feature matching in machine vision structural deflection measurement, this paper proposes a dense feature extraction, matching, and dual-step mismatch-removal-based full-field structural dynamic deflection measurement method. First, the of dense feature detection and matching theory is introduced to extract the SIFT feature points on a structural surface in an image sequence and matched by FLANN to trace the structure movement, and the mechanisms and causes of mismatches are analyzed. Then, a dual-step mismatch removal method combining RANSAC and Structural Displacement Continuity Restriction (SDCR) is introduced to achieve full-field dynamic beam deflection measurement. The proposed method is validated through indoor cantilever beam experiments, and results show that the method can effectively eliminate a large number of SIFT feature mismatches (accounting for approximately 55% of the total matched feature points). The full-field dynamic displacement field of the beam can be measured with the correctly matched dense feature points by converting dense feature point displacements into continuous and uniform spatiotemporal deflections of the structure. A comparison with the GOM Correlate Professional DIC measurement system was conducted, and the maximum measurement error of the cantilever beam dynamic displacement of the proposed method is between 0.024 and 0.053 mm, the root mean squared error of displacement is approximately 0.01 mm, and the correlation coefficient between two deflection–time curves reaches 0.9964. The proposed algorithm is proven to be effective in full-field displacement measurement and has great potential in future structural health monitoring of bridges.