The committee oversees the work of the Canadian Security Intelligence Service.
In making the appointment, Prime Minister Stephen Harper says Holloway brings a wealth of legal experience to the job.
Holloway served 26 years in the Royal Canadian Navy and the Royal Australian Navy before his academic career.
He was born in Halifax and grew up in New Brunswick and holds degrees from Dalhousie University, the University of California at Berkeley and the Australian National University.
The five-member review committee still has one vacancy.
Deborah Grey, the committee's interim chairwoman, raised concerns last fall about the body being below full strength.
Holloway's appointment came the same day that the government tabled legislation to beef up the powers of the spy agency.