The orbital angular momentum (OAM) holography has been developed and experimentally demonstrated the capability of holographic multiplexation and high-security encryption. However, the helical phase of an OAM mode can only be encoded into one hologram associated with a target image, and this severely limits the information capacity in practical applications. The modulated orbital angular momentum (MOAM) holography is proposed by imposing multiple modulation phase modes onto one OAM mode. Three essential properties, including the MOAM-preservation, MOAM-selectivity and MOAM-multiplexation are investigated. This method can significantly enhance the holographic information capacity and it has broad prospects for optical encryption and beam manipulations.