In this paper, we propose a new system for a real-time holographic augmented reality (AR) video service based on a photorealistic three-dimensional (3D) object point for multiple users to use simultaneously at various locations and viewpoints. To observe the object from all viewpoints, a camera system capable of acquiring the 3D volume of a real object is developed and is used to generate a real object in real-time. Using the normal of the object point, the observable points are mapped to the viewpoint at which the user is located, and a hologram based on the object point is generated. The angle at which the reflected light from each point is incident on the hologram plane is calculated, and the intensity of the interference light is adjusted according to the angle to generate a hologram with a higher 3D effect. The generated hologram is transmitted to each user to provide a holographic AR service. The entire system consists of a camera system comprising eight RGB-D (depth) cameras and two workstations for photorealistic 3D volume and hologram generation. Using this technique, a realistic hologram was generated. Through experiments displaying holograms simultaneously from several different viewpoints, it is confirmed that multiple users can concurrently receive hologram AR.