A time-resolved holographic polarization microscopy, based on angular multiplexing holographic technique, is proposed for imaging ultrafast phenomena in polarization-sensitive transparent materials. This method can retrieve and image the complex amplitude distributions of two orthogonal polarization components of two sequential vector wavefronts with ultrashort time interval by a single short recording. Some experimental results for imaging the pulse laser induced ultrafast events based on the method are given. It is demonstrated that this technique may provide a potential tool for characterizing ultrafast processes in polarization-sensitive materials, especially in the non-reproducible experiment conditions.