With the recent widespread interest for head-mounted displays applied to virtual or augmented reality, holography has been considered as an appealing technique for a revolutionary and natural 3D visualization system. However, due to the tremendous amount of data required by holograms and to the very different properties of holographic data compared to common imagery, compression of digital holograms is a highly challenging topic for researchers. In this study, we introduce a novel approach, to the best of our knowledge, for color hologram compression based on matching pursuit using an overcomplete Gabor's dictionary. A detailed framework, together with a GPU implementation, from hologram decomposition to bitstream generation, is studied, and the results are discussed and compared to existing hologram compression algorithms.