This article studies the color management and color grading of new media movies, mainly studying the impact of color balance, stylized color grading and high dynamic range image adjustment on the visual effects and emotional expression of the film. However, there are currently not many specifications and requirements for the color requirements of new media movies. New media movies still have deficiencies in color aesthetics and artistry. They often pursue visual stimulation and alternative themes while ignoring artistic expression. Due to limitations in cost and production experience, online movies often have less investment in color aesthetics, and the production level is still far behind traditional movies. The research significance of this article is to emphasize the importance of color management and color correction technology in new media movies, and to propose solutions to color inconsistency problems caused by color management and cross-platform playback. Through scientific color management and delivery settings, new media movies can be ensured to present the best visual effects on different devices, improving the artistic value and enjoyment of new media movies. In general, the research in this article has reference significance for the standardization development and technological improvement of the new media film industry.