A new holographic recording material-dichromated-polyvinyl alcohol (DC-PVA) used in real-time holographic recording is described. This material can be real-time developed easily, and fixed by using thermal radiation or light illumination at the very position in which it was exposured. In the experiment, some amplitude-phase holograms have been made. The resolution of the DO-PVA is approaching to that of dichromatod gelatin (DOG), and the diffraction efficiency obtained is about 30%. This paper gives the analysis of the mechanism of hologram formation in DO-PVA and holographic characteristics, and. discusses several promising applications such as real-time interferometry, information storage and character-recognition. The experimental results and photos are presented in tho paper.