It is one of two laser beams used to create a hologram.
In order to read a hologram out, some aspects of the reference beam (namely its angle of incidence, beam profile and wavelength) must be reproduced exactly as when it was used to write the hologram.
A hologram can be recorded with a single beam, if the beam is spread out enough so that it illuminates both the object and the recording plate (and light scatters off the object onto the plate).
However, that is completely equivalent to having separate object and reference beams.
This optics-related article is a stub.