Holly & Ivy is a 1994 Christmas album and 16th overall studio album by American singer Natalie Cole. Released on October 4, 1994, by Elektra, it is Cole's first album featuring Christmas music and serves as a follow-up to Take a Look (1993). Cole co-produced the album with American music producer Tommy LiPuma, with whom she had worked on Unforgettable... with Love (1991). Holly & Ivy consists of 12 tracks, including 11 covers of Christmas standards and carols and one original song written by Gerry Goffin and Michael Masser. Cole promoted the album as non-traditional in interviews and live performances.

Natalie Maria Cole was an American singer, songwriter, and actress. She was the daughter of singer and jazz pianist Nat King Cole. She rose to prominence in the mid-1970s, with the release of her debut album Inseparable (1975), along with the song "This Will Be ", and the album's title track. Its success led to her receiving the Grammy Award for Best New Artist at the 18th Annual Grammy Awards, for which she became the first African-American recipient, as well as the first R&B act to win the award. The singles "Sophisticated Lady" (1976), "I've Got Love on My Mind", and "Our Love" (1977) followed.