Many companies have produced different-color versions of the same product, thereby pursuing the color diversity of the products. However, in their ads, they might choose to present either just one of the colors or a wider range of colors in which the dvertised products are available. Color is one of the important executive elements in advertising. Compared to other advertising elements, studies on color are scarce. This research aims to explore the effect of color-diversity appeal of advertised products on consumers’ emotion, ad attitude, product attitude, and purchase intention. Considering that color-diversity appeal effects might vary for different product types, this study also builds on the Foote, Cone, and Belding (FCB) model and examines how consumer involvement in, and thinking style (rational/emotional) about products moderate the color-diversity effect. With two experiments, this study demonstrates the favorable effect of color-diversity appeal of advertised products on consumers’ pleasure emotion, arousal emotion, ad attitude, product attitude, and purchase intention. The positive impact of color-diversity appeal on consumers’ emotions and advertising effects is more pronounced for emotional (vs. rational) products and for high-involvement (vs. low-involvement) products. The findings make theoretical contributions to color psychology and the functional mechanism of emotions, as well as provide practical suggestion on the use of color-diversity appeals for different types of products.