Ficus virens is a deciduous tree that is highly valuable both economically and medicinally. Like other plants with ‘red young leaves’, the red-leaf period of most F. virens trees lasts only a few days, and the red leaves have little ornamental value. However, in recent years, some lines of F. virens with bright red young leaves and a prolonged red-leaf period have been utilized for urban greening. To explore the mechanism of the different lengths of the duration of F. virens leaves, we analyzed the physiology and changes in gene expression during the development of two varieties of leaves. The detection of anthocyanin in different developmental stages of the F. virens leaves showed that the changes in color of the red leaves of F. virens were primarily caused by the change in anthocyanin content. A transcriptome analysis showed that the expression of genes related to the biosynthesis of anthocyanin changed significantly during the development of leaves. A MYB gene FvPAP1, which was consistent with the change in anthocyanin content, was identified. A real-time quantitative reverse transcription PCR analysis and heterologous expression transgenic studies showed that FvPAP1 promoted the biosynthesis of anthocyanins. The difference in the expression of FvPAP1 in time and intensity in the young leaves may be the reason for the difference in the duration of the red-leaf period in different lines of F. virens. A sequence analysis showed that the cDNA sequence of FvPAP1 was polymorphic, and possible reasons were discussed. These results can provide insight for similar studies on the mechanism of the formation of red coloring in other woody plant leaves and provide molecular targets to breed new materials with more prolonged red-leaf periods in F. virens.