Active metasurfaces have recently attracted more attention since they can make the light manipulation be versatile and real-time. Metasurfaces-based holography possesses the advantages of high spatial resolution and enormous information capacity for applications in optical displays and encryption. In this work, a tunable polarization multiplexing holographic metasurface controlled by an external magnetic field is proposed. The elaborately designed nanoantennas are arranged on the magneto-optical intermediate layer, which is placed on the metallic reflecting layer. Since the non-diagonal elements of the dielectric tensor of the magneto-optical material become non-zero values once the external magnetic field is applied, the differential absorption for the left and right circularly polarized light can be generated. Meanwhile, the amplitude and phase can be flexibly modulated by changing the sizes of the nanoantennas. Based on this, the dynamic multichannel holographic display of metasurface in the linear and circular polarization channels is realized via magnetic control, and it can provide enhanced security for optical information storage. This work paves the way for the realization of magnetically controllable phase modulation, which is promising in dynamic wavefront control and optical information encryption.