Since the inception of holographic technology, its application value has been widely recognized. Among its applications, holographic optical elements have become important optical devices in various research fields due to their compact size, lightweight, and ease of fabrication. As an advanced theory of traditional holography, polarization holography enhances the ability to control the light field by adding the dimension of polarization. Therefore, the holographic optical elements can more comprehensively manipulate the amplitude, phase, and polarization of the light field in the spatial domain. Starting with the principles of polarization holography, we introduce phenomena observable through polarization holography, such as faithful reproduction and zero-order reproduction, which are not seen in traditional holography. Based on these phenomena, we elaborate on the research progress of polarization holography in the fabrication of various light field manipulation and detection devices. Finally, we analyze and forecast the future development trends of polarization holography technology, highlighting key scientific issues worthy of further attention and research.