A new kind of hierarchical multiple-image encryption method based on the cascaded interference structure and vector stochastic decomposition algorithm is proposed. In this method, by using the nonequal modulus decomposition and vector stochastic decomposition algorithm, the Kth-level secret image modulated by a random phase distribution is analytically encoded into a Kth-level phase-only mask (POM) key and the (K−1)th-level complex amplitude field whose real amplitude is the (K−1)th-level secret image. Then, served as the input condition, the generated complex amplitude field is further encoded into a (K−1)th-level POM key and the (K−2)th-level complex amplitude, and so on, until the 1st-level complex amplitude field is decomposed into two POMs: one is the 1st-level key, and the other is the ciphertext. When decryption occurs, only when the high-level users simultaneously obtain all the phase keys, the correct sequential orders of phase keys, and the correct geometrical parameters, all the secret images are retrieved successfully. Both theoretical analysis and numerical simulations verify the feasibility of this method.