Dual-phase and three-phase grating x-ray interference is a promising new technique for grating-based x-ray differential phase contrast imaging. Dual-phase grating interferometers have been relatively completely studied and discussed. In this paper, the corresponding imaging fringe formula of the three-phase grating interferometer is provided. At the same time, the similarities and differences between the three-phase grating interferometer and the dual-phase grating interferometer are investigated and verified, and that the three-phase grating interferometer can produce large-period moiré fringes without using the analyzing grating is demonstrated experimentally. Finally, a simple method of designing three-phase grating and multi-grating imaging systems from geometric optics based on the thin-lens theory of gratings is presented. These theoretical formulas and experimental results provide optimization tools for designing three-phase grating interferometer systems.