: The heterogeneity of color distribution between sapwood and heartwood limits the market for wood from fast-growth plantations of tropical species. Wood color is associated with wood extractives contents. This study presents the relationship between wood color parameters measured by the CIELab color system and total amount of extractives and phenolic-type extractives in ethanol-toluene and hot water extracts of wood from two fast-growth plantation species. The results demonstrated that the difference in sapwood and hardwood color in Vochysia guatemalensis and Acacia mangium is caused by lower concentrations of extractives in sapwood of both species. Additionally, variations in total extractive and phenolic content have different effects on the color parameters (L*, a* and b*) of both species studied. In Vochysia guatemalensis wood, parameter L* decreases as total extractive and phenolic content increases; however, parameter a* increases as the content of extractives and phenols increases. In Acacia mangium, the amount of phenols showed no relationship with the color parameters. The ethanol-toluene total extractive content, however, shows a relationship with several color parameters. An increase in the content of total extractives in water and ethanol-toluene increases parameter a*, but decreases parameter L*.