A real-time color holographic three-dimensional (3D) display system and method realized by using principles of digital holographic display and a common photographing/projection device array system are provided. For an object O to be displayed, an array of M×N cameras which are anchored to a certain reference point R in a space corresponding to the object O is used to perform spatial spectrum sampling and capturing on any spatial spectrum surface S of the object O with a sampling density being a spatial sampling angle ωmn. Each acquired spatial spectrum view image Imn is projected by a corresponding array of M×N projectors in each spatial spectrum capturing direction to a reference surface PR necessary for restoring 3D information of the original object O. Output of full spatial spectrums of the object O is realized through a spatial spectrum limited stretching function of a holographic functional screen placed on the reference surface PR which is used on discrete spatial spectrum input image information, thereby achieving digital holographic display intended to restore complex wavefronts.