Wine sensory experience includes flavor, aroma, color, and (for some) even acoustic traits, which impact consumer acceptance. The quality of the wine can be negatively impacted by the presence of off-flavors and aromas, or dubious colors, or sediments present in the bottle or glass, after pouring (coloring matter that precipitates or calcium bitartrate crystals). Flavor profiles of wines are the result of a vast number of variations in vineyard and winery production, including grape selection, winemaker’s knowledge and technique, and tools used to produce wines with a specific flavor. Wine color, besides being provided by the grape varieties, can also be manipulated during the winemaking. One of the most important “tools” for modulating flavor and color in wines is the choice of the yeasts. During alcoholic fermentation, the wine yeasts extract and metabolize compounds from the grape must by modifying grape-derived molecules, producing flavor-active compounds, and promoting the formation of stable pigments by the production and release of fermentative metabolites that affect the formation of vitisin A and B type pyranoanthocyanins. This review covers the role of Saccharomyces and non-Saccharomyces yeasts, as well as lactic acid bacteria, on the perceived flavor and color of wines and the choice that winemakers can make by choosing to perform co-inoculation or sequential inoculation, a choice that will help them to achieve the best performance in enhancing these wine sensory qualities, avoiding spoilage and the production of defective flavor or color compounds.