In this paper, performance of holographic storage based on doubly doped Fe:Mn:LiNbO3 crystal with 0.03 wt% Fe2O3 and 0.1 wt% MnO dopants which was great contrastive against previous investigations was studied theoretically and experimentally. We established the coupling differential equations using the band-transport model. Using practical experiment parameters, we numerically calculated and explained the time-dynamic developing process of the holographic storage, and analyzed how the oxidation-reduction degree of the crystal affects the space charge field within the crystal. Only the oxidative crystals can accomplish nonvolatile holographic storage but not the reductive crystal. For the oxidative crystal, its remaining magnitude of the space charge field increases with the increase of oxidative degree. Further more we measured the diffraction efficiencies of four specimens with different degree of oxidation-reduction and realized holographic multiplying and holographic fixing in the oxidation crystal successfully. Based on the experiments, we also calculated both the dynamic range parameter M/# of the oxidized doubly doped Fe:Mn:LiNbO3 crystal and the recording sensitivity of various crystals. The experimental results coincided with the theoretical analysis very well. Diffraction efficiency of fixing grating increased with oxidation, photorefractive sensitivity decreases with oxidation, higher the concentration of doped manganese and oxidation, the larger the effective dynamic range of holographic storage system is, where holograms can be stored permanently.