A system and method are described for achieving a high efficiency, full color display using color sensitive lenses such as holographic lenses. A lens assembly is composed of discrete lens elements (1, 2, 3) which are sensitive to different wavelengths bands of light. Each lens element (1, 2, 3) focuses input light within its waveband onto a corresponding target area, and generally transmits input light outside of its waveband. A separate target area (R, G, B) is provided for each lens element, whereby incoming light is divided into its constituent colors. The separate color stripes (R, G, B) may then be operated upon to produce a desired display. For incoming light which is to be divided into n different wavebands and directed onto separate target areas each having an area A, the area of each lens element is approximately nA, and each lens overlaps the next adjacent lens by an area approxmately equal to (n-1)A. By generally transmitting rather than absorbing light outside the band of each lens element, the assembly achieves a high degree of both efficiency and resolution. Specific applications to various types of flat-panel displays and light valves are disclosed, as well as preferred fabrication techniques for the holographic lenses.