We present the measurement of the diffraction efficiency and response time of the photorefractive grating recorded in $LiNbO_3$ photorefractive crystal doped with 4%-mole MgO. Two laser sources were used in the experiments; frequency-doubled Q-switched Nd:YAG laser ($lambda$=532 nm) and cw Ar-ion laser ($lambda$=514.5 nm). The same optical geometry was also used in both experiments in order to maintain the experimental consistency. Using the two-wave mixing scheme in both experiments we measured the maximum diffraction efficiency in the range of beam intensity of 1.6~100 W/ $ extrm{cm}^2$, and the response times for both cases of recording and erasing. Two sets of results obtained from the experiments are compared and analyzed.