Currently, sports venues are endowed with the important functions of providing sports venues and facilities to the urban public, watching sports events, publicizing the mass sports culture, etc. An in-depth study of how to enhance the attractiveness of sports venue buildings and the competitiveness of the industry to stimulate the public’s potential for sports consumption is necessary. Based on the perspective of color psychology, this study constructs a three-level structural equation model based on the nested data obtained from the questionnaire survey to explore the relationship between managers’ innovative sports venue colors, athletes’ perceived emotional value, and consumers’ sports venue satisfaction. The results show that innovative sports venue colors have a significant positive effect on consumers’ satisfaction with sports venues, and the perceived emotional value has a positive mediating role in the effect of innovative sports venue colors on consumers’ satisfaction with sports venues. This study aims to provide a basis for sports venue managers or event organizers to improve athlete satisfaction, optimize consumer experience, stimulate residents’ motivation to attend games, and strengthen the profitability of the venues.