Wheat, as a staple crop, holds paramount importance in global food security, and its grain color significantly influences market value, nutritional quality, and consumer preferences. This review critically summarizes recent advances in the genetic basis of wheat grain color, encompassing the biochemical pathways responsible for pigment production and the implications of these traits on nutritional quality. Additionally, we explore the influence of environmental factors on grain color and its prospective role in breeding programs aimed at enhancing the nutritional profile of wheat. Recent findings highlight the growing interest in colored wheat due to its health benefits, further driven by the rise in natural food trends. The review concludes with a discussion on future research directions and the importance of integrated breeding strategies.