Risk-taking is behavior influenced by various factors. However, whether red light induces riskier decisions than other lights do is still inconclusive. In this study, a 2 × 2 mixed design (N = 59) was applied to investigate the effects of colored light (red light vs. blue light) on the Balloon Analogue Risk Task (BART), sleepiness, and mood between sexes. The results showed that (1) neither a significant effect of colored light nor a significant interaction effect was revealed. However, males made riskier decisions than females did. (2) There were no significant effects of colored light on subjective sleepiness or mood. (3) There were no significant differences in individual appraisals of different colored lights. These results suggest that red light does not promote riskier decisions compared to that of blue light.