Color fading naturally occurs with time under light illumination. It is triggered by the high photon energy of light. The rate of color fading and darkening depends on the substance, lighting condition, and storage conditions. Color fading is only observed after some time has passed. The current color of objects of interest can only be compared with old photographs or the observer’s perception at the time of reference. Color fading and color darkening rates between two or more points in time in the past can only be determined using photographic images from the past. For objective characterization of color difference between two or more different times, quantification of color in either digital or printed photographs is required. A newly developed image analysis and comparison software (PicMan) has been used for color quantification and pixel-by-pixel color difference mapping in this study. Images of two copies of Japanese wood-block prints with and without color fading have been selected for the exemplary study of quantitative characterization of color fading and color darkening. The fading occurred during a long period of exposure to light. Pixel-by-pixel, line-by-line, and area-by-area comparisons of color fading and darkening between two images were very effective in quantifying color change and visualization of the phenomena. RGB, HSV, CIE L*a*b* values between images and their differences of a single pixel to areas of interest in any shape can be quantified. Color fading and darkening analysis results were presented in numerical, graphical, and image formats for completeness. All formats have their own advantages and disadvantages over the other formats in terms of data size, complexity, readability, and communication among parties of interest. This paper demonstrates various display options for color analysis, a summary of color fading, or color difference among images of interest for practical artistic, cultural heritage conservation, and museum applications. Color simulation for various moments in time was proposed and demonstrated by interpolation or extrapolation of color change between images, with and without color fading, using PicMan. The degree of color fading and color darkening over the various moments in time (past and future) can be simulated and visualized for decision-making in public display, storage, and restoration planning.