In ornamental crops, the color and shape of flowers are one of the important traits. Generally, flower colors are determined by accumulating pigments such as carotenoids, flavonoids, and betalains. Among them, flavonoids are responsible for broad ranges of colors. Chrysanthemums are one of the most popular ornamental crops in the world, and there have been many efforts to change their flower color. In chrysanthemum flowers, cyanidin-based anthocyanin confers pink or red color, whereas terpenoid-based carotenoids are mainly responsible for yellow and green colors. However, blue colored chrysanthemums do not occur in nature. To date, there have been attempts to obtain blue or violet-colored chrysanthemum flowers through the introduction of a novel gene for accumulating delphinidin-based anthocyanins, while other studies have reported changing endogenous metabolites through the reconstruction of flavonoid biosynthesis. Since various transcription factors are involved in the regulation of flavonoid biosynthesis, it is important to understand not only the structural genes, but also the transcription factors required for the modification of flavonoid-based flower color. Therefore, in this paper, we describe the flavonoid biosynthetic pathway and its regulation, and review previous studies on the change in flower color through modification of flavonoid biosynthesis. This effort could be an important milestone in successfully achieving the modification of chrysanthemum flower color by means of plant biotechnology.