To improve the security and invisibility of image encryption and concealment, an encrypted computer generated hologram (CGH) watermarking technology based on discrete wavelet transform (DWT) and singular value decomposition (SVD) is proposed. Firstly, the image to be encrypted is encoded and converted into a binary real-valued CGH. The encrypted CGH is then embedded into the host image as a watermark, implementing image encryption and concealment. During decryption, the encrypted CGH watermark is first extracted using the inverse DWT-SVD and the correct keys. Subsequently, the decrypted image is obtained by applying the correct optical key for computational holographic reproduction. The method introduces computational holographic coding and optical keys into the digital watermarking technique and combines the characteristics of DWT and SVD, solving the problem of the high false positive rate of the SVD algorithm. Simulation results show that the security of image encryption and concealment is greatly improved with the introduction of CGH into watermarking technology, especially in terms of robustness to watermark attacks and noise. This method can be applied in the fields of copyright protection and anti-counterfeiting for digital and printed images.