We propose a magneto-optical (MO) color imaging technique that enables magnetic field distributions to be quantitatively observed in real-time. Values of magnetic fields are displayed as colors. MO imaging plates have been developed using highly bismuth-substituted neodymium iron garnet films, for use in MO color imaging. The films were prepared by the metal-organic decomposition method. The MO imaging plates were characterized using the MO figure of merit for MO imaging plates, which is defined in this study. The magnetic fields were expressed by colors, using light-emitting diodes (LEDs) as light sources. The colors varied from blue to yellow, from green to yellow, and from blue to red, for sources corresponding to a white LED, combined green and yellow LEDs, and combined blue and yellow LEDs, respectively. The MO color imaging of spherical magnets is demonstrated.Key words: magneto-optical imaging, bismuth substituted neodymium iron garnet, magneto-optical effect, metal organic decomposition, magneto-optical imaging plate, magneto-optical figure of merit