The modulation function of holographic functional screen (HFS) in the real-time, large-size full-color (RLF), three-dimensional (3D) display system is derived from angular spectrum analysis. The directional laser speckle (DLS) method to realize the HFS is proposed. A HFS by the DLS method was fabricated and used in the experiment. Experimental results show that the HFS is valid in the RLF 3D display, and that the derived modulation function is valuable for the design of the HFS. The research results are important to realize the RLF 3D display system which will find many applications such as holographic video.