Pandan pigment (Pandanus amaryllifolius) is widely used as a natural food coloring and flavoring agent. However, its application in food is limited because of its susceptibility to thermal degradation during food processing, which affects both pigment stability and color. Despite its growing use, there is limited research on how common food ingredients can mitigate this degradation. This study addresses this gap by exploring the effects of sucrose, lactose, rice starch, whey protein, and soy protein isolate on the thermal and color stability of pandan pigment under various heating conditions (65 °C, 95 °C, 115 °C, and 121 °C for 15 min). Spectroscopic techniques (UV–visible, infrared, and fluorescence) and laser confocal microscopy were used to elucidate the molecular interactions. The results revealed that rice starch provided the strongest protection, followed by whey protein, soy protein isolate, lactose, and sucrose, although the protective effects decreased at higher temperatures. These findings offer new insights into the use of sugars and proteins to increase the thermal stability of natural pigments in food applications.