To solve the problem that the memory space is large and the calculation speed is slow in the novel look up table (N-LUT) method when calculating the color hologram three-dimensional scene. The depth and wavelength compensating N-LUT method (DWC-N-LUT) is proposed to generating color hologram three-dimensional scene fast. The point cloud, which compose three-dimensional scene, are sliced as a series of two-dimensional images with defined depth. The principle fringe pattern (PFP）for red (R) channel corresponding to one depth is obtained according to the pre-stored depth compensating factors. The complex amplitude of object point for R channel is acquired by shifting the PFP. The complex amplitude of object point for G and B channel is directly generated through multiplying that for R channel by wavelength compensating factors. Numerical simulation experiments with an airplane model and a car model indicate that the color and depth of three-dimensional scene can be precisely provided with DWC-N-LUT method. The coherent noise in the reconstruction images can be obviously eliminated by adding random phase to the complex amplitude of object point. The memory space of DWC-N-LUT method is 10 times less than that of N-LUT method, and the computational speed of the proposed method is approximately improved 22% comparing with N-LUT method.