A method for manufacturing water-based laser hologram papers has acts of entirely or partially coating water-based varnish on a printed paper substrate, subjecting the paper substrate to a mirror treatment, and entirely or partially molding the paper substrate with laser compressing operations. By substituting PVC or PET plastic membranes with decomposable water-based varnish, the laser hologram paper is environmental friendly to reduce pollution and is also breakable to provide counterfeit-deterring efficiency. Moreover, material cost of the plastic membranes is eliminated to reduce manufacturing cost of the laser hologram papers.