In order to find a novel red-sensitive photopolymer, a photopolymer material sensitized by azure I as a dye is fabricated by dry processing, and its holographic storage characteristics are investigated. It is illuminated under the incident wavelength of 632.8 nm of He-Ne laser. Through the measurement of experiment and the computation of corresponding formulas, the holographic parameters of material, such as transmittance, diffraction efficiency, exposure sensitivity, and refractive index modulation, are gained. It is discovered that the maximum diffraction efficiency reaches 66%, the best thickness is 140 μm, the maximum transmittance approaches 80%, the maximum exposure sensitivity is 1.5×10-3cm2/mJ, and the maximum refractive index modulation is 9.7×10-4. The analog image is stored in the material and the transmittance and reconstructed holograms have good fidelity. All of the results demonstrate that the material is appropriate for high-density holographic storage.