In this paper, a new VHOE-based multiview stereoscophic 3D video display system which can allow viewers to observe 3D images in real-time is proposed. A photopolymer-based VHOE, which can be made from volume holographic recording materials, is newly introduced for projecting multiview images to the spatially different directions sequentially in time. Since this technique is based on the photopolymer-based VHOE, instead of the conventional parallax barrier or lenticular sheet, several parameters such as resolution and viewing angle etc. can be limited by the photopolymer's physical and optical properties. Accordingly, in this paper, the optical and physical characteristics of the photopolymer-based VHOE such as distortion of the displayed image, uniformity of the diffracted light intensity, angular selectivity, and diffraction efficiency are measured and analyzed through some experiments by using the photopolymer of Du-Pont HRF series.