Dispersing nanoparticles and increasing the photosensitizer concentration have been regarded as effective approaches for improving the performance of a holographic storage material. In this paper, SiO2 nanoparticle (NP)-dispersed PQ/PMMA nanocomposite material (SiO2 NP-PQ/PMMA) with a high PQ doping concentration was prepared. By introducing the co-monomer methyl isobutyl ketone (MIBK) that comes from an SiO2 NP colloidal solution, the concentration of PQ in the system increased to 1.2 wt %. We investigated the performance of polarization holographic recordings in both traditional PQ/PMMA and nanocomposite material SiO2 NP-PQ/PMMA with the orthogonally polarized signal and reference waves. With the dispersion of the SiO2 NPs colloidal solution and the increase in the PQ concentration, diffraction efficiency and photoinduced birefringence were multiplied. In addition, high-quality holographic image reconstruction was achieved by our homemade material.