Plums show high economic and nutritional values, and their fruit color and aroma are key indicators of quality. The coloring is primarily attributed to chlorophyll, carotenoids, anthocyanins, and other pigments. Volatile aroma compounds (VACs) mainly consist of esters, alcohols, aldehydes, terpenoids, and related compounds, which are synthesized through the metabolic pathways of fatty acids, amino acids, and terpenoids. The biosynthesis process of pigments and VACs can be affected by both intrinsic and external factors such as genes, phytohormones, cultivation measures, and postharvest treatments. So, the regulatory mechanism of color is associated with that of aroma involving the same regulatory factors, and the metabolic pathways also influence each other. This review summarizes the pigments and VACs in plums, emphasizing their biosynthesis, regulation, and the interrelationships between color and aroma. It also discusses the limitations of current studies and future research directions.