Meat color research from the last two decades suggests that a combination of different intrinsic (ultimate pH, age of the animals, muscle position, breed, slaughter weight, and sex) and extrinsic factors (production systems and feeding, pre-mortem stress, slaughter season, and chilling rates) might have a deep impact in the color of beef muscle and influence consumers’ acceptance of fresh meat. Ultimate pH and muscle position were perceived as the most determinant intrinsic factors, whereas production systems, feeding, and ante-mortem stress were the extrinsic factors that more strongly influenced beef color attributes. From an industrial perspective, the extrinsic factors can be improved through the technological process at a higher ratio than the intrinsic ones. This review aims to evaluate the effect of each of those factors on myoglobin oxidation and beef color traits from a comprehensive standpoint. All the information discussed in this manuscript focuses on an industrial environment and offers possible solutions and recommendations for the global meat industry.