Smart wearable devices with dynamically reversible color displays are crucial for the next generation of smart textiles, and promising for bio‐robots, adaptive camouflage, and visual health monitoring. The rapid advancement of technology brings out different categories that feature fundamentally different color‐reversing mechanisms, including thermochromic, mechanochromic, electrochromic, and photochromic smart wearables. Although some reviews have showcased relevant developments from unique perspectives, reviews focusing on the advanced design of flexible chromic wearable devices within each category have not been reported. In this review, the development history and recent progress in smart chromic wearables across each category are systematically examined. The design strategies for each chromic wearable device are outlined with a focus on functional materials, synthesis processes, and advanced applications. Furthermore, integrated devices based on dual‐stimuli and multi‐stimuli responsive chromics with customizable functionalities are summarized. Finally, challenges and perspectives on the future development of smart chromic wearables are proposed. Such a systematic summary will serve as a valuable insight for researchers in this field.