Betalains in bracts of Bougainvillea are of great application potential as natural food colorants and antioxidants. This study explored the color, spectra, composition, storage stability, and antioxidant properties of betalain-based Bougainvillea bracts extracts (BBEs) to verify their application value. The results showed that Bougainvillea bract color variance is due to varied contents and proportions of betacyanins (Bc) and betaxanthins (Bx). Bc or Bx alone determined hues of purple or yellow, respectively; the co-existence of Bc and Bx would produce varied hues of red. BBEs showed bright color and good antioxidant properties under a wide pH range. The pH range of 5–6 was optimal for the highest color stability, and pHs 3–8 were optimal for stronger antioxidants. Bc mainly underwent color fading during storage, while Bx easily produced dark precipitates or melanism under strong acidic (pH < 4) or alkaline conditions (pH > 8). However, Bougainvillea Bx showed 3–4 times higher antioxidant ability than Bc. Different considerations for Bc and Bx are needed for varied application purposes. The purple bracts containing only Bc would be more suitable as colorant sources, while additional Bx can bring enhancement of antioxidant ability and richness of Bougainvillea extract color.