The optical features of multiple‐layered axial heterostructures composed of III‐nitride semiconductors (GaN, InGaN, and AlGaN) are investigated to realize tunable nanolasers. The optical confinement effects develop exciton‐polariton in nanorods, leading to polariton lasing with distinctive dispersion. The lasing characteristics in the heterostructure are similar to those in the homostructure, although the carrier transfer between layers influences the optical gain. The energy‐dependent property of polariton changes the mode spacing of lasing peaks. The alloyed systems of InGaN can tune the color of lasing in the visible region, while the lasing of AlGaN is also achievable in the optimized configuration. The polarization of lasing indicates the predominant contribution of the fundamental transverse mode. Therefore, in the multiple‐layered heterostructure, controllable triple‐color lasing using the feature of polariton, modulation of band gap energy, and the amplification process of the waveguide is demonstrated for the first time, with the tunable color over a wide range of the visible region. Multicolor polariton nanolasers offer a promising path to diverse nanophotonic devices with controllable optical characteristics.