This study may open a new way to obtain the coloration of a polymer during functionalization. Two polyacrylonitrile (PAN) polymers in the form of textile fibers (Melana and Dralon L) were subjected to functionalization treatments in order to improve the dyeing capacity. The functionalizations determined by an organo-hypervalent iodine reagent developed in situ led to fiber coloration without using dyes. KIO3 was formed in situ from the interaction of aqueous solutions of 3–9% KOH with 3–9% I2, at 120 °C. The yellow-orange coloration appeared as a result of the transformations in the chemical structure of each functionalized polymer, with the formation of iodinehydrin groups. The degree of functionalization directly influenced the obtained color. The results of the Fourier Transform Infrared Spectroscopy (FTIR), Scanning Electron Microscopy (SEM), Energy Dispersive X-ray Spectroscopy (EDX), Map and Temogravimetric Analysis (TG) plus Differential Thermal (DTA) analyses indicated the presence of new functional groups, such as iodine-oxime. The X-ray diffraction (XRD) analysis confirmed the change of the crystalline/amorphous ratio in favor of the former. The new groups introduced by functionalization make it possible to dye with classes of dyes specific to these groups, but not specific to PAN fibers, thus improving their dyeing capacity.