A phase retrieval method based on sequential projection and chromatic aberration is reported. Construction of this method includes a red, green and blue (RGB) LED, an objective and a color camera. Owing to the chromatic aberration characteristics of the objective, three color images obtained by the color camera correspond to three equivalent propagation planes. Equivalent relative distances among these planes can be obtained by defining and iteratively minimizing the convergence index. Then, sequential projection strategy is used for phase retrieval in each image plane. Based on the recovered phase information and angular spectrum propagation principle, digital refocusing and 3D localization can be achieved for each subregion of the sample. Finally, the feasibility of our method is demonstrated by simulations and experiments.