It is the key to accurately obtain participants' emotional responses to product color for the product color emotional design. However, traditional research rarely studies participant's internal emotion cognition and changing mechanism. In this article, a color emotional design method based on eye movements and event‐related potentials is proposed. Participative behavior experiment, eye movement, and event‐related potentials were carried out. Participants evaluated the electric iron pictures with different color layout and color number to obtain participants' participative feelings before eye movement and ERPs experiment. The results showed that three‐color samples were more popular than two‐color samples, and the participants' emotions were more positive when the color blocks were evenly distributed. The larger the pupil diameter in the eye movement data, the more positive the participants felt. Participants responded quickly to positive and negative stimuli when shown the two‐color samples, and the average amplitude of the early components P1 and N2 exhibited significant changes. For the three‐color samples, the average amplitude changes of positive and neutral states of participants mainly occurred in N2 and P3 components. However, there were no significant changes in the negative state. The combination of participative and objective methods is expected to offer an important basis for the research of color emotional design method based on color layout and color number, and to provide reliable indicators for the future analysis of physiological data and product color evaluation models.