Based on the two-center model, the steady-state nonvolatile two-step, two-color holographic recording performance with continuous-wave lights in the low intensity for LiNbO3∶Fe∶Mn is studied theoretically. By use of numerical method, through comparing the contributions to the space-charge fields from the different electron transfer processes between the deep-trap centers (Mn2+/Mn3+) and the shallow-trap centers (Fe2+/Fe3+), the direct electron exchange between the Mn2+/Mn3+ and the Fe2+/Fe3+ levels through the tunnelling effect dominates the amplitude of the total space-charge field. This direct electron transfer process plays a key role on the two-step, two-color holography performance also. In addition, by comparing the amplitudes of the space-charge fields of the LiNbO3∶Fe∶Mn with the near-stoichiometric LiNbO3∶Fe, the results show that the holographic recording performance in the LiNbO3∶Fe∶Mn is much better than that in the near-stoichiometric LiNbO3∶Fe at low intensity of gating light and high intensity of recording light.