A method of multiple color images encryption via compressive holography and spatial multiplexing is proposed to solve the low encryption capacity and high distortion of decrypted images when using existing optical encryption methods to encrypt color images. In the optical encryption step, multiple color images encrypted by different random phase masks. Combine space division multiplexing with modifying the Mach-Zehnder interferometer, which implemented for encrypting multiple color images simultaneously into one hologram by single shot. Combine space division multiplexing with modifying the Mach-Zehnder interferometer, which implemented for encrypting multiple color images simultaneously into one hologram by single shot. In the decryption step, the process of recording hologram can be regarded as a process of compressive sensing, the two-step iterative shrinkage/thresholding algorithm is used to solve the problem. The experimental results show that the proposed encryption system has a large encryption capacity and a high quality of decrypted color images, and the average peak signal to noise ratio only decreases about 2~5 dB of the decrypted images, which eliminate the influence of square field term in the on-line holography; and the random phase mask and the propagation distance both play the role as the key, which can provide high security. The color images can not be decrypted when the random phase mask is wrong or the propagation distance is only offset by 0.25%; and it has good robustness to noise and occlusion attacks. The quality of decrypted images decline slowly with the increasing noise. We can still be obtain the good decrypted results, when 80% of the encrypted hologram information is under occlusion attack.