Pepper is one of the globally cultivated vegetable crops, the mature fruits of which contains different carotenoids, such as α-carotene, β-carotene, zeaxanthin, lutein, cryptoxanthin, capsanthin and capsanthin. Since the different regulation mechanisms of carotenoid biosynthesis are present, carotenoids with different components and contents are accumulated, thus resulting in the diversity of fruit colors. This article systematically summarizes the research progress of color and carotenoid components, the biosynthesis pathway of carotenoids, the function of key enzyme genes and related transcriptional regulatory mechanisms in pepper fruits. Moreover, we suggest the problems in current research and proposes corresponding research prospects. It is of great significance to breed high carotenoid pepper varieties, purposeful regulate the biosynthesis of carotenoids and improve the quality of capsicum fruit in the future.