Liquid metals (LMs) are emerging as new functional materials with rather unique physical or chemical behaviors. They are generally safe and nontoxic, have high boiling points, reflectivities, good thermal and electrical conductivities, flexibility, fluidity, self‐healing capability and remain in liquid state at room temperature. However, the further applications of LMs are limited by their single‐color physical appearance, such as working in the situations with imposed stringent requirements for color and aesthetics. Recently, the color and fluorescence functionalization of LMs have overcome many conventional technical bottlenecks and opened significant potential for emerging applications in numerous fields owing to their rich colors and unique liquid structure. In this review, the recent developments in the optical properties, color and fluorescence effects of LMs are comprehensively investigated. The synthesis, structures, properties, chromogenic mechanisms, and potential photoelectric applications of colorful LMs are systematically analyzed and compared. The effectiveness and characteristics of colorful LMs induced by coating, mixing, compounding, surface modification, external stimuli are provided, aiming to establish a potential system for the synthesis and practices of colorful LMs. Finally, the challenges and prospects in the field have also been identified and explained to preferably guide further scientific and technical research in the coming time.