<p>Multicolor fluorescent polymer materials (MFPMs), owing to their rich color palette, hold significant value across various applications, such as in biomaterials and display materials. To construct these materials, the traditional approach involves incorporating multiple fluorescent molecules of different colors. However, this approach introduces a range of complexities and challenges associated with multiple fluorophores, encompassing aspects such as structural design, synthesis methodologies, purification demands, as well as the practical operability in application scenarios. To overcome this issue, a single fluorophore exhibiting multiple fluorescent colors has been discovered and introduced into MFPMs. This strategy has significantly propelled the vigorous development of multiple research fields, such as information anti-counter-feiting and optoelectronic materials. This review summarizes the recently developed MFPMs based on a single fluorescent molecule, elucidates their preparation methods and color conversion mechanisms, analyzes their application prospects, and offers some insights into the further advancement of this field. This review provides guidance for the design of novel multicolor fluorescent materials and fosters progress in the areas of fluorescent materials, polymer science, and materials science as a whole.</p>