A process by which a multi-image type hologram, wherein one 3D image changes over to another depending on a viewing direction, can be fabricated in a simple construction, and a multi-image type hologram fabricated by that process. According to the process for the fabrication of a multi-image type hologram wherein one image changes over to another depending on a viewing direction, the area of a hologram recording material is divided into a plurality of sub-areas. Objects to be displayed on different images are holographically recorded in the respective sub-areas, using reference light having the same angle of incidence, images recorded in the respective sub-areas are simultaneously reconstructed from the recorded first-stage hologram, so that a second-stage hologram recording material is located near the reconstructed object images for recording them as a reflection or transmission type volume hologram.