Holography offers unique advantages for delivering perceptual realism while preserving compact form factors in VR/AR. Its perceptual quality, however, hinges on encoding rich wavefronts of photorealistic scenes into interference patterns and then incoherently multiplexing the resulting wave fields for perception. Existing CGH paradigms decouple radiance estimation from wave propagation by pre-rendering radiance on discretized scene sectors. This separation between radiometric and wave-optical computation inherently limits the range of focus cues and visual effects that can be faithfully reproduced, including depth- and view-continuity, and physically based material behaviors such as glossy or mirror-like reflection and refraction. We present a physically accurate yet computationally efficient wave optics rendering framework leveraging path tracing to encode full 3D visual cues into phase holograms. Specifically, we employ a Monte Carlo method to solve both the rendering equation and the Rayleigh--Sommerfeld integral simultaneously. Our algorithm is fully compatible with modern graphics techniques and can generate multiple time-multiplexed random holograms with minimal additional time cost via Path Reuse. By employing a fast approximation with an ambient radiance cache, we realize an order of magnitude convergence speed improvement. The resulting coherent wave fields that inherently encode comprehensive visual effects are converted into phase-only holograms under complex-amplitude supervision. Through extensive simulations and experimental validations on a spatial light modulator-based display prototype, we demonstrate faithful holographic reconstructions of natural 3D cues and complex materials, including realistic defocus blur, view-dependent effects, as well as appearance highlights and reflections.

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