In this paper, a novel type of red sensitive photo-polymer system for optical storage, here called RSPP, is presented. First of all, the components in RSPP, for example, photo- sensitizer, photo-initiator, monomer, copolymer, combiner, stabilizer, hardener, and fabrication and processing technique of RSPP are given. Then, the absorption spectrum of RSPP material is measured. And the result shows the material is only sensitive to read light, whose absorption peak is at 662 nm and half-width of the absorption is about 100 nm. After that, the property of exposure in RSPP is studied. It is found that RSPP holographic plate has several advantages over the optical storage (holographic optical storage) material previously reported. First, this RSPP is fit to record both transmission holograms and reflection holograms. Second, the holograms recorded in RSPP plate can be processed both in dry and in wet processes due to its strong real-time effect. The performance parameters of the ESPP are following: (1) The photosensitivity is about 2 mJ/cm2 at 630 nm; (2) The resolution of the material is more than 4000 pp/mm; (3) The saturation refractive index modulation is 0.0034 and 0.0141 for real time and wet processing respectively. In the study of the exposure in RSPP holographic plate, some other phenomena concerning real time effect in RSPP, such as, light- amplification and modulation of single light beam effect, are found. The mechanism of these phenomena is discussed.