In the era of information explosion, the demand of data storage is increased dramatically. Holographic data storage technology is one of the most promising next-generation data storage technologies due to its high storage density, fast data transfer rate, long data life time and less energy consumption. Collinear holographic data storage technology is the typical solution of the holographic data storage technology which owns a more compact, compatible and practical system. This paper gives a brief review of holographic data storage, introduces collinear holographic data storage technology and discusses phase modulation technology being used in the holographic data storage system to achieve higher storage density and higher data transfer rate.