A coating was prepared on an AZ31B Mg alloy substrate via black plasma electrolytic oxidation (PEO). The colorant NH4VO3 was added to Na2SiO3–(NaPO3)6 electrolyte at different temperatures (5, 15, 25, and 35 °C). The influences of electrolyte temperature on the structures, compositions, and color values of black PEO coatings were studied by UV–Visible, XRD, XPS, Raman, and SEM techniques. The results showed that the relative content of V2O3 and V2O5 was the key factor affecting the coating color value. At higher temperatures, more NH3 escaped from the electrolyte and the NH3 quantity participating in the reaction decreased, resulting in a decrease of V2O3 content, an increase in color value, and a darker coating. In the PEO process, VO3− mainly reacted to form V2O5, and then, the generated V2O5 reacted with NH3 to form V2O3.