Climate change significantly impacts transportation infrastructure, particularly asphalt pavements. Similarly, the heat absorption of paved surfaces, especially conventional black pavements, significantly intensifies the urban microclimate. Paved surfaces, including asphalt pavements, account for over 30% of the covered surfaces and are vulnerable to rising temperatures, which cause not only pavement distress, such as rutting and cracking, but also urban heat islands (UHI). Sustainable pavement solutions, specifically colored pavements, have been investigated for their potential to mitigate these effects. This review presents an extensive overview of current pavement technologies, emphasizing conventional asphalt’s economic, environmental, and functional characteristics. A discussion of the benefits and challenges of colored pavements is also provided, including their ability to reduce UHI, enhance safety, and contribute to sustainable urban growth. This paper discusses advancements in pavement material science, the use of recycled materials, and the application of reflective coatings, providing insights into sustainable infrastructure development. Transitioning from conventional black pavements to sustainable colored alternatives is not merely a matter of material choice but a strategic transition toward resilient urban planning. Increasing demand for environmentally friendly infrastructure could prompt the construction industry to adopt colored pavements as a tool to promote environmental stewardship.