The aim of this study was to determine the dependencies between mechanical properties of modified wood and its color. Within its scope, quantitative changes in color and chemical composition (mass loss, total carbon content, content of extractives and main components of wood), as well as mechanical properties (compressive strength along the grain, strength and modulus of elasticity in longitudinal tension tests, compression across the grain and impact resistance) of the modified Scots pine sapwood, were determined. Modifications were conducted in the atmosphere of superheated steam (time—4 h, temperature of 130, 160, 190, 220 °C). Thermal modification of wood results in an increase in the modulus of elasticity, a reduction of elasticity, longitudinal tensile strength and compressive strength perpendicular to grain. It was found that color parameters ∆E, ∆L and ∆a are linear functions of the modification temperature. The existence of functional dependencies between mass loss, longitudinal tensile strength, radial modulus of elasticity and parameters of ∆E and ∆L makes it possible to determine these properties of modified wood based on color. In turn, chemical analysis indicated that an increase in the temperature of wood modification caused a decrease of holocellulose and hemicelluloses contents, especially in wood samples modified at 220 °C.