A multi-color three-dimensional volumetric display system utilizing small size, high brightness, full color LEDs as voxels was built, which provides at most 200 million voxels in a cyclinder display space with a diameter of 850 mm and a height of 640 mm, with a screen resolution of 320×256. To analyze the display performance of the system effectively, a data processing and simulating software was developed. Threedimensimal models with textures were built by 3DS MAX. The 3ds file and BMP file were the software’s data input. After data processing, voxel format data with color information were obtained and transformed to electrical signals for LED addressing. Meanwhile, OpenGL was used for data simulation. Simulation results for different models show that the system has good display performance under its hardware level. With voxelization processing of the same model, simulating results show that increasing the screen resolution can improve the display quality obviously, and increasing twodimensional slice number within the specific limits can also improve the display quality.