Sheet metal parts are frequently used in the industrial field, and the circular holes on these parts are commonly employed as assembly references. Therefore, precise measurement of these circular holes is essential. Because of the scratches, rust, and complex reflection around the edges, the measurement of circular holes on sheet metal parts is a challenging task. In this research, an accurate circular hole inspection method for sheet metal parts is proposed to realize online inspection using a multi-camera system. After capturing images in a single shot, edge detection is adopted to obtain sub-pixel circular hole contours. A new adaptive matching cost based on the descriptor of binary robust independent elementary features and bilinear normalized cross-correlation is introduced to the PatchMatch-based multi-view stereo method to obtain dense and accurate point clouds. To improve the accuracy and integrity of circular hole measurement, a new edge-guided multi-scale geometric consistency matching strategy is proposed accompanied by depth detail restoration. Finally, the points around the circular hole in a spherical range are sampled using the trinocular constraint principle and fitted with the circular equation. The experimental results show that the proposed algorithm performs well, with an error of approximately 0.04 mm, and improves the measurement accuracy compared with the state-of-the-art algorithms.