Spectrum splitting is an approach to increasing the conversion efficiency of a photovoltaic (PV) system. Several methods can be used to perform this function which requires efficient spatial separation of different spectral bands of the incident solar radiation. In this paper several of holographic methods for implementing spectrum splitting are reviewed along with the benefits and disadvantages associated with each approach. The review indicates that a volume holographic lens has many advantages for spectrum splitting in terms of both power conversion efficiency and energy yield. A specific design for a volume holographic spectrum splitting lens is discussed for use with high bandgap InGaP and low bandgap silicon PV cells. The holographic lenses are modeled using rigorous coupled wave analysis, and the optical efficiency is evaluated using non-sequential raytracing. A proof-of-concept off-axis holographic lens is also recorded in dichromated gelatin film and the spectral diffraction efficiency of the hologram is measured with multiple laser sources across the diffracted spectral band. The experimental volume holographic lens (VHL) characteristics are compared to an ideal spectrum splitting filter in terms of power conversion efficiency and energy yield in environments with high direct normal incidence (DNI) illumination and high levels of diffuse illumination. The results show that the experimental VHL can achieve 62.5% of the ideal filter power conversion efficiency, 64.8% of the ideal filter DNI environment energy yield, and 57.7% of the ideal diffuse environment energy yield performance.