The invention provides a process capable of fabricating a cholesteric liquid crystal medium having a volume hologram with efficiency yet without recourse to complicated steps such as an alignment step. This is achievable as follows. A volume hologram layer is formed on a substrate, and a cholesteric liquid crystal layer is then formed on another substrate comprising a center substrate film that is subjected to bondable treatment. The volume hologram layer is applied to the center substrate film that is subjected to bondable treatment, and placed in a state where the volume hologram layer and cholesteric liquid crystal layer are laminated together via the substrate. The substrate is peeled off the volume hologram layer, and an adhesive layer is formed on the surface of the volume hologram layer off which the substrate is peeled off, followed by the provision of the substrate on the adhesive layer. Finally, the multilayer structure is shaped into a label form of cholesteric liquid crystal medium having a volume hologram layer.