Carbon dots (CDs), as emerging long afterglow luminescent material, have attracted the attention of researchers and become one of the hot topics in long afterglow materials. In recent years, researchers have obtained a series of CDs‐based long afterglow materials with different properties utilizing matrix‐assisted and self‐protective methods. To meet diverse application needs, the development of multicolor CDs‐based long afterglow materials is a focus and challenge in this field. Most of the previously reported CDs‐based long afterglow materials generally emit blue or green afterglow. Recently, some multicolor systems have been discovered, and the emission range can extend from ultraviolet to near‐infrared. However, there is a lack of systematic and in‐depth analysis regarding the preparation strategy and luminescence mechanism of multicolor afterglow from CDs‐based long afterglow materials. Based on this, this review summarizes the preparation strategies of multicolor afterglow from raw materials and reaction parameters. Then, the luminescence mechanisms of multicolor afterglow are analyzed from seven factors, including carbonization degree, surface state, aggregation degree, temperature dependence, excitation dependence, multi‐emission center, and energy transfer. Moreover, the applications of multicolor afterglow from CDs‐based long afterglow materials are introduced. Finally, the problems and challenges in this field are discussed, and the future development directions are analyzed.