The spatial frequency of the reconstructed image of planar computer-generated hologram(CGH) is limited by the sampling interval and the lack of thickness. To break through this limitation of planar CGH, we propose a new computer-generated volume hologram(CGVH) for full-color dynamic holographic three-dimensional(3D) display, and an iteration-free layered CGVH generation method. The proposed CGVH is equivalent to a volume hologram sampled discretely in three directions. The generation method employs the layered angular spectral diffraction to calculate the light field in the layered CGVH, and then encodes it into a CGVH. Numerical simulation results show that the CGVH can accurately reconstruct full-color 3D objects, where better imaging quality, more concentrated diffraction energy, denser reconstructed spatial frequency information, and larger viewing angle are achieved. The proposed CGVH is expected to be applied to realize dynamic modulation, wavelength multiplexing, and angle multiplexing in various optical fields in the future.