A volume hologram layer (2) is formed on a substrate (1), and a cholesteric liquid crystal layer (3) is then formed on the hologram layer (2). After the substrate (1) is peeled off the volume hologram layer (2), an adhesive layer (4) is formed on the surface of the volume hologram layer (2) with the substrate (1) peeled off, and another substrate (5) is then formed on the adhesive layer (4). Finally, a label form of cholesteric liquid crystal medium having a volume hologram is shaped out of the resulting multilayer structure; it is thus possible to fabricate cholesteric liquid crystal media having a volume hologram with efficiency yet without recourse to any complicated steps such as an alignment step.