We propose the real time optical reconstruction of a three-dimensional (3D) object from a digitally recorded hologram. Phase distribution of the recorded hologram is numerically calculated by 1-dimensional Continuous Wavelet Transform (1D-CWT) for digital reconstruction with phase only information. Also, the phase distribution of 1D-CWT transferred to the spatial light modulator (SLM) is used to obtain optically reconstructed image. It is observed that an efficient real-time analysis can be achieved, if phase of 1D-CWT is used. In the same time, optically reconstructed 3D objects obtained by only phase information are about three times brighter than bleached hologram intensity's. So the minimum power loss can be obtained. Numerical and experimental results are presented.