Color is an important indicator for evaluating the quality of natural rubber (NR). Light-colored standard rubbers are widely used in high-grade products and have high economic value. This paper first introduces the history and test standards of the standard light-colored rubber. The origin of color deepening in NR processing, color substances, and its biosynthetic pathway are reviewed. Then, the discoloration mechanism of NR is studied from the perspectives of enzymatic browning (caused by polyphenol oxidase and polyphenols) and non-enzymatic browning (including Maillard reaction and lipid oxidation). Finally, the strategies to control the discoloration of NR will be described.