A dynamic sampling iterative phase retrieval method, which dynamically samples the Fourier intensity distribution of the reconstruction beam captured by the detector, is proposed to shorten the iterative number and decrease the phase error rate of phase retrieval in the phase-modulated holographic data storage. By the dynamic sampling method, that keeping relatively low frequency component of Fourier intensity spectrum at the beginning of iteration and gradually releasing more high frequency component at the subsequent iterations, we shortened the iterative number by 2 times and decreased the phase error rate to some extent because our method provided a better convergent path to the phase retrieval. We also believe the thought of our method can be used in more image retrieval fields.