Considering the dispersion effect of the grating media, the coupled wave theory of Kogelnik is developed to study the diffraction properties of an ultra-short pulsed laser beam with different polarizated states, vertical or parallel to the incident plane by a reflection volume holographic grating. A special case of grating which is recorded in anisotropic photorefractive LiNbO3 crystals is given. It is investigated that the spectral bandwidth of the grating for the ultra-short pulsed laser beam with perpendicularly polarizated state is larger than that with parallel polarizated state, and both of them are reduced by the dispersion effect of the grating media. The spectral bandwidth variation of the diffraction light, and the diffraction efficiency variation of the volume holographic grating are studied with the spectral width ratio of the incident pulse and the grating.