In the past decade there has been increased interest in research on color and psychological functioning. Important advances have been made in theoretical work and empirical work, but there are also important weaknesses in both areas that must be addressed for the literature to continue to develop apace. In this article, I provide brief theoretical and empirical reviews of research in this area, in each instance beginning with a historical background and recent advancements, and proceeding to an evaluation focused on weaknesses that provide guidelines for future research. I conclude by reiterating that the literature on color and psychological functioning is at a nascent stage of development, and by recommending patience and prudence regarding conclusions about theory, findings, and real-world application.