The application of magnetron sputtering technology in the functionalization of textiles has attracted increasing attention owing to its green nature. The thin films deposited on textiles provide additional opportunities for precise control of solar and heat flows by tuning the optical properties. In this review, the principles of color regulation, thermal management (including photothermal conversion and reflective insulation) properties, and simultaneous color and thermal management of sputtered thin films based on their interaction with solar radiation (visible and near‐infrared light) and thermal radiation are briefly summarized, and their research progress in textile coloring and thermal management as well as thermal management of colored textiles is reviewed. In addition, the challenging and future research of sputtered films on textiles for coloring and thermal management is briefly presented.