Most existing Multi-View Stereo (MVS) algorithms employ the image matching method using Normalized Cross-Correlation (NCC) to estimate the depth of an object. The accuracy of the estimated depth depends on the step size of the depth in NCC-based window matching. The step size of the depth must be small for accurate 3D reconstruction, while the small step significantly increases computational cost. To improve the accuracy of depth estimation and reduce the computational cost, this paper proposes an efficient image matching method for MVS. The proposed method is based on Phase-Only Correlation (POC), which is a high-accuracy image matching technique using the phase components in Fourier transforms. The advantages of using POC are (i) the correlation function is obtained only by one window matching and (ii) the accurate sub-pixel displacement between two matching windows can be estimated by fitting the analytical correlation peak model of the POC function. Thus, using POC-based window matching for MVS makes it possible to estimate depth accurately from the correlation function obtained only by one window matching. Through a set of experiments using the public MVS datasets, we demonstrate that the proposed method performs better in terms of accuracy and computational cost than the conventional method.