The journey of ceramics in medicine has been synchronized with an evolution from the first generation—alumina, zirconia, etc.—to the third —3D scaffolds. There is an up‐and‐coming member called oxygen‐deficient or colored bioceramics, which have recently found their way through biomedical applications. The oxygen vacancy steers the light absorption toward visible and near infrared regions, making the colored bioceramics multifunctional—therapeutic, diagnostic, and regenerative. Oxygen‐deficient bioceramics are capable of turning light into heat and reactive oxygen species for photothermal and photodynamic therapies, respectively, and concomitantly yield infrared and photoacoustic images. Different types of oxygen‐deficient bioceramics have been recently developed through various synthesis routes. Some of them like TiO2−x, MoO3−x, and WOx have been more investigated for biomedical applications, whereas the rest have yet to be scrutinized. The most prominent advantage of these bioceramics over the other biomaterials is their multifunctionality endowed with a change in the microstructure. There are some challenges ahead of this category discussed at the end of the present review. By shedding light on this recently born bioceramics subcategory, it is believed that the field will undergo a big step further as these platforms are naturally multifunctional.