Pigments have been used since historical times and are currently used in food, cosmetic, pharmaceutical, and other industries. One of the main sources of natural pigments are plants and insects; however, microorganisms are of great interest due to their bioactivities and advantages in their production. Actinobacteria, especially the genus Streptomyces, are biotechnologically valuable, producing specialized metabolites with a broad spectrum of bioactivities, such as antioxidant, anticancer, antibiofilm, antifouling, and antibiotic activities, as well as pigments, among others. In this review, we identify, summarize, and evaluate the evidence regarding the potential of Streptomyces strains to be biological sources of bioactive pigments. To conclude, future research will include purifying pigmented extracts that have already been reported, studying the purified compounds in a specific application, isolating new microorganisms from new isolation sources, improving the production of pigments already identified, modifying culture media or using new technologies, and developing new extraction techniques and a wide range of solvents that are ecofriendly and efficient.