Topographic or habitational name from Dutch hol "hollow, hole" or Middle Dutch heule "arched bridge, weir". It can also derive from the given name Holle, a short form of names containing the element hold "loyal, faithful, gracious".
Uncertain etymology. Could be a topographic name derived from Old English holh "hollow, hole" or holm, which can mean either "holly" or "small island" (see Holme), combined with man "man, person". Could also mean "holy man", an occupational name for a priest or other member of the church.