To reduce the interpolation error in parallel phase-shifting digital holographic reconstruction and improve the quality of the reconstructed image, an interpolation algorithm of parallel phase-shifting digital holographic fringe analysis is proposed on the basis of holographic image fringe features and pixel distribution. First, holographic images with the same phase are extracted from the parallel phase-shifting digital hologram according to the phase-shifting characteristics, and each image is divided into 3×3 square areas. Then, multiple-direction interpolation is carried out in the divided square areas according to the holographic fringe characteristics. The image frequency-domain characteristics after multiple-direction interpolation are combined selectively, and the newly generated holographic field is reconstructed from the merged image. Experimental results show that the peak signal to noise ratio of the reconstructed image obtained by the proposal method is more than 45% higher than that of the traditional parallel phase-shifting holographic interpolation algorithm. And the computing time can be reduced to about half of that of other interpolation algorithms. The proposed algorithm can better reconstruct parallel phase-shifting digital holographic images, reduce the interpolation error, keep the detailed information, and improve the quality of the reconstructed image. The proposal algorithm can be applied to obtain three-dimensional field information in many fields, such as biological cell observation, physical examination for moving object, and microscopic particle imaging and tracking.