A pressure-sensitive adhesive for a pressure-sensitive adhesive layer in a volume hologram laminate is provided which, when kept in the pressed state, for example, during storage, is less likely to cause spotty hologram defects in the volume hologram layer. The pressure-sensitive adhesive for a pressure-sensitive adhesive layer in a volume hologram laminate is a pressure-sensitive adhesive for a pressure-sensitive adhesive layer in a volume hologram laminate comprising a substrate 2 and, stacked on the substrate 2 in the following order, a first pressure-sensitive adhesive layer 3, a volume hologram layer 5, a second pressure-sensitive adhesive layer 4, and a surface protective film 6, the second pressure-sensitive adhesive layer having been formed from an acrylic pressure-sensitive adhesive comprising an acrylic copolymer resin, composed mainly of an alkyl acrylate, and a crosslinking agent, the second pressure-sensitive adhesive layer having a dynamic storage modulus of not less than 2.5×105 Pa as measured at a measuring frequency of 6.28 rad/sec and a temperature of 50° C. and a loss tangent (tan &dgr;) defined as dynamic loss modulus/dynamic storage modulus at 120° C. of not more than 0.15.