Holographic display offers the capability to generate high-quality images with a wide color gamut since it is laser-driven. However, many existing holographic display techniques fail to fully exploit this potential, primarily due to the system’s imperfections. Such flaws often result in inaccurate color representation, and there is a lack of an efficient way to address this color accuracy issue. In this study, we develop a color-aware hologram optimization approach for color-accurate holographic displays. Our approach integrates both laser and camera into the hologram optimization loop, enabling dynamic optimization of the laser’s output color and the acquisition of physically captured feedback. Moreover, we improve the efficiency of the color-aware optimization process for holographic video displays. We introduce a cascade optimization strategy, which leverages the redundant neighbor hologram information to accelerate the iterative process. We evaluate our method through both simulation and optical experiments, demonstrating the superiority in terms of image quality, color accuracy, and hologram optimization speed compared to previous algorithms. Our approach verifies a promising way to realize a high-fidelity image in the holographic display, which provides a new direction toward the practical holographic display.