It has been suggested that skin color changes not only with advancing age but also with the times. The purpose of this study was to investigate changes in Japanese women's facial skin color over 25 years, as well as the changes in skin pigmentation that affect skin color. First, skin color changes in terms of Munsell color values were investigated. A total of 3181 Japanese women residing in the greater Tokyo area were enrolled, and datasets were collected using spectrophotometers, designated as the 1991, 2001, 2005, and 2015 data. The mean Munsell hue, value, and chroma were calculated for each measurement year. Next, the concentrations of melanin and hemoglobin were calculated from spectral data, to investigate changes in skin pigmentations. Finally, Monte Carlo simulations were performed to verify that the suggested changes in skin pigmentations brought about skin color changes. As a result, skin color significantly changed toward high lightness, low saturation, and high yellowness from the 1991 data to the 2001 data. From the 2005 to 2015 data, the skin color distribution shifted toward lower saturation and increased redness. In addition, the concentration of hemoglobin decreased significantly from the 1991 data to the 2001 data, while the melanin concentration decreased significantly from the 2005 data to the 2015 data.