Lotus, an edible flower with high ornamental values, takes forms in many sizes, shapes, and colors. Among which, double-petal lotus not only has higher ornamental values but also gives a yield advantage in exploitation due to the large number of petals. Flower color is an important ornamental indicator, and flavonoids are the key basis for color presentation as well as important active components in lotus. This research used petals of four different colored double-petal lotus cultivars to identify their petal color, pigment localization, and pigment components (flavonols and anthocyanins), as well as the antioxidant activity of the petal extraction solution using the ABTS method. It was discovered that the white YMQ was the brightest but had the lowest Chroma and the third-highest Hue angle, while the dark red WFMH was the darkest but had both the highest Chroma and Hue angle. Most of the colored pigments were located in all the thin-walled cells immediately adjacent to both the upper and lower epidermis. The yellow MLQS had the highest amount of Quercetin derivatives in flavonols but the lowest antioxidant activity, the dark red WFMH had the highest amount of anthocyanin, and the pink MDZ had the highest antioxidant activity. This research offers insights into the potential medical usage of certain double-petal lotus cultivars like MLQS and WFMH, hopefully providing a reference for the identification of raw materials for extracting pigments to improve sleep patterns and prevent Alzheimer’s Disease.