The invention relates to a security-conscious hologram which can apply a sufficient three-dimensional appearance to a reconstructed image in both its vertical and horizontal directions, and which is difficult to illegally copy and easily told from any illegal copy forged from it, and a holographic process of recording it. The hologram H2 is of a combined reflection and volume type, wherein a subject image P is recorded, and minute reflection images F and O′ from a light source are recorded at least in front of, or in the rear of, the subject image P, both in a reconstructible fashion, and a viewing position E is moved along a hologram surface, so that the subject image P and the minute reflection images F and O′ are viewable at varied relative positions.