Monascus species can produce yellow, orange, and red pigments, depending on the employed cultivation conditions. They are classified as natural pigments and can be applied for coloration of meat, fishes, cheese, beer, and pates, besides their use in inks for printer and dyes for textile, cosmetic, and pharmaceutical industries. These natural pigments also present antimicrobial activity on pathogenic microorganisms and other beneficial effects to the health as antioxidant and anticholesterol activities. Depending on the substrates, the operational conditions (temperature, pH, dissolved oxygen), and fermentation mode (state solid fermentation or submerged fermentation), the production can be directed for one specific color dye. This review has a main objective to present an approach of Monascus pigments as a reality to obtaining and application of natural pigments by microorganisms, as to highlight properties that makes this pigment as promising for worldwide industrial applications.