Substrate guided-wave (SGW) holograms, recorded and reconstructed using light waves guided through optical substrates, are currently being incorporated into visual displays, optical integrated circuits, and nondestructive testing systems. In this paper, a coupled wave approach is used to analyze the diffraction properties of SGW holograms. The expressions obtained allow SGW holograms to be compared with conventional transmission and reflection holograms. The analysis is restricted to cases in which holograms are recorded and reconstructed using plane waves. The object beam is also assumed to be at normal incidence to the hologram. Results are presented for holograms recorded on a silver halide emulsion and illuminated using a krypton laser. The study shows that SGW holograms have higher diffraction efficiencies under the Bragg condition, higher angular selectivities, and more moderate wavelength selectivities than holograms recorded using conventional means.