Holographic optical elements (HOEs) play an important role in augmented reality (AR) systems. However, the fabrication of full-color HOEs is difficult and the diffraction efficiency is low. In this paper, we use the time-scheduled iterative exposure method to fabricate full-color HOEs with high diffraction efficiency. Through this method, a full-color HOE with an average diffraction efficiency of 73.4% was implemented in a single photopolymer, the highest rate yet reported. In addition, the AR system is simulated by the geometric optics method combining k-vector circle and ray tracing and structured by combining laser micro-drop and high diffraction efficiency HOEs. A good color blending effect was achieved in a full-color AR system by using the reconstruction wavelength consistent with the recording light. It can present clear holographic images in a full-color AR display system.