A diarylethene derivative, 1,2-bis[2-methyl-5-(3-fluorophenyl)-3-thienyl] perfluorocylcopentene, is synthesized and dispersed into PMMA to prepare a polymeric film. The film shows good color recycling between switching of irradiation of UV light and red light. Under the excitation of linear polarized light, an apparent characteristic of photoinduced anisotropy is observed in the diarylethene/PMMA film, which implies polarization modulation gratings can be recorded in this holographic medium apart from recording of intensity modulation gratings. We experimentally make a comparison among four types of polorization holograms recording for their reconstruction images, which shows that the orthogonal circular polarization hologram has both high signal-to-noise ratio and high diffraction efficiency. Based on the polarization gratings scheme, we demonstrate the polarization multiplexing holograms reocording and retrieval in the diarylethene/PMMA film and the combination with the angular multiplexing scheme.