This paper studies the watermarking techniques based on Computer Generated Holography. Given that it is always a contradiction of transparency and robustness, this paper proposes a digital watermarking scheme based on techniques of dithered computer generated holograms and DFT domain embedding in order to improve the watermark’s transparency and keep its good robustness as well. The dithered hologram is first generated from the binary watermark image and the DFT is performed to the original image. Then, each bit of the continued hologram is embedded in magnitude of the DFT domain at the middle frequency. The experiment based on this scheme demonstrates that the watermark is both transparent and robust to common digital image processing.