We report an optically addressed liquid crystal light valve, a home-made device that has solved the problem of low transmittance caused by opaque electrodes in present transmissive spatial light modulators. The operating characteristic of the light valve is analyzed. The optimum driving voltage of this device is 27 V at 300 Hz, as deduced from the equivalent electric model. Its transmittance reaches 80% and its contrast is approximately 40:1. Its dynamic performance, especially its ability to obscure laser light at programmed locations, is demonstrated. The results are in good agreement with the desired shape, which indicates that our light valve performs very well.