We have preformed holographic recording in congruent LiNbO3 doped with Tb and Fe with a continuous-wave green laser at λ = 532 nm. This material exhibited a fast coloration upon exposure to ultraviolet (UV) light. The recording sensitivity was improved from about 0.02 cm/J to over 0.08 cm/J after UV pre-exposure, due to the increased visible absorption. Holograms recorded from the colored state could be quickly erased by UV illumination and a sequence of recording by green and erasure by UV could be continuously repeated without any noticeable degradation in maximum diffraction efficiency or sensitivity. The overall performances of this crystal relevant to holographic storage are here presented, in comparison to those obtained with near-stoichiometric LiNbO3:Tb,Fe.