We develop a compact full-color augmented reality near-eye display system with a multicolor holographic optical combiner and a freeform relay system. The digital image is produced by a full-color micro organic light-emitting diode (Micro-OLED) display module. The freeform relay system includes four freeform optics and a holographic optical mirror, which are employed to correct both the monochromatic and chromatic aberrations caused by the holographic optical combiner. The two multicolor holographic mirrors have a three-layer laminated structure and are delicately fabricated to yield an improved diffractive efficiency and a reduced efficiency difference for red, green, and blue colors. The high degrees of freedom of freeform optics, and the thin and light nature of the holographic optical combiner yield a compact form factor near-eye display system with a diagonal field of view (FOV) of 20° and the eye-box of 5 mm × 5 mm. Two prototypes are built to demonstrate the feasibility of the proposed display system.