Practical full projector compensation allows the projection display to quickly adapt to textured projection surfaces and unexpected movement without interrupting the display procedure or requiring unacceptable waiting time. To achieve this by a projector and a RGB camera without adding any extra devices, a possible solution is correcting both color and geometry by directly capturing and analyzing the projected natural images content. In this work, we cast the full projector compensation as a non-negative constrained optimization problem, and present the first optimization-based framework that can handle both geometric calibration and radiometric compensation for a Projector-camera system(Procams) using only a few sampling images. The framework not only takes advantage of the ability of the deep neural network to approximate the channel-dependent response function of the projector, but also provides a flexible solution to adapt to the change of geometry and reflectance caused by movement. Benefit from the optimization-based scheme, our method can guarantee both accurate color calculation and efficient movement and reflectance estimation in a continuous projection display procedure. The experimental results show our method outperforms other state-of-the-art end-to-end full projector compensation methods with better-displayed image quality, less computational time, smaller memory consumption, more geometric accuracy, and far more compact network architecture.