A new encryption/decryption system for optical information security is proposed in this paper. We used an iterative Fourier transform algorithm to optimize the encrypted hologram as well as the decryption key as phase-only elements. The optical decryption was implemented by superimposing the encrypted hologram and the decryyption key in a simple optical setup. Numerical simulation and optical experiment have confirmed the proposed technique as a simple and easy implementation for optical decryption, demonstrating potential applications in optical information security verification.