Liquid crystal spatial light modulators (LC-SLMs) have gained substantial interest of the research fraternity due to their remarkable light modulation characteristics in modern imaging applications. Replacing the conventional optical elements from the SLM-based computer-generated holograms (CGHs) is a trending approach in modern digital holographic applications due to the optimized phase shift depending on the phase modulation features of SLMs. Apparently; SLMs serve a crucial role in the experimental implementation of digital holographic techniques. However, the resolution of the CGHs are sometimes limited by the structural discrepancies (fill factor, spatial anomalies, refresh rate, etc.) of SLM. Therefore, it is recommended to calibrate the modulation characteristics of SLMs prior to their implementation for imaging applications. This chapter provides comprehensive literature (review) of the LC-SLMs along with their major calibration methods. In addition, recent interesting applications of LC-SLMs have been discussed thoroughly within the framework of polarization holography.