The wavelength and defocus margins for collinear holographic data storage system are theoretically analyzed based on the first Born approximation and the scalar diffraction theory. Explicit expressions for the decay of diffracted signal in the center of the detector plane with the shift of the reading wavelength and with the defocus of the disc are presented. The expressions predict that the defocus margin is independent of the media thickness while a thicker disc leads to a narrower wavelength margin. Simulation results show that the wavelength margin of collinear holographic scheme is larger than that of the conventional 2-axis holographic scheme. The influences of the properties of reference pattern on both margins are also discussed.