With three 3yearold cutting seedlings of Euonymus europaea（E. europaea ‘Pumilis’， E. europaea ‘Aldenhamensis’， E. europaea ‘Albus’）varieties as test materials, changes of leaf color parameters and various physiological indicators were measured during the colorchanging period in autumn and winter. The relationships between pigment and leaf color parameters, soluble sugar, and related enzymes during the color change were analyzed. The mechanism of leaf color development during the color transformation period of Euonymus europaea was discussed to provide a basis for the application of garden in the later period. The results showed: （1） during the color change, the value of L^* and b^* of ‘Aldenhamensis’ and ‘Albus’ presented a single peak curve that rose firstly and then fell. The value of L^* and b^* of ‘Pumilis’ presented a single peak curve that drops firstly and then rises. The value of a^* of three varieties rose continuously. （2） Chlorophyll showed a decreasing trend as a whole, mainly due to a decrease in chlorophyll a. Chlorophyll b and carotenoids decreased more steadily; Anthocyanin content and anthocyanin/chlorophyll ratio were on the rise. Carotenoid/chlorophyll ratio showed a decreasing trend as a whole. （3） Soluble sugar mass fraction showed a single peak curve that rose firstly and then fell; The activity of PAL in three varieties showed a rising trend; POD activity showed a downward trend; PPO activity is slowly rising. （4） The correlation analysis showed: The leaf color parameters a^* value and anthocyanin content of three varieties were both presented extremely significantly positive correlation. Anthocyanin was significantly negative correlation with chlorophyll and carotenoids in ‘Pumilis’. Anthocyanin was no significantly negative correlation with chlorophyll and carotenoids in ‘Aldenhamensis’ and ‘Albus’. All in all, the main factors that affect the changes of leaves during the colorchanging period in autumn and winter in Euonymus europaea were the contents of chlorophyll, anthocyanin, soluble sugar and the activities of PAL and PPO. The content of carotenoid had minor effects while the POD activity had no direct effects.