diff --git a/src/lib/icon.ts b/src/lib/icon.ts
index 312c5f25..7534d2bc 100644
--- a/src/lib/icon.ts
+++ b/src/lib/icon.ts
@@ -216,6 +216,8 @@ const addAll = (
         if (titleEl.children.length === 2 || titleEl.children.length === 1) {
           // Gets the icon name directly or from the inheritance folder.
           const iconName = typeof value === 'string' ? value : value.iconName;
+          const iconColor =
+            typeof value === 'string' ? undefined : value.iconColor;
           if (iconName) {
             // Removes a possible existing icon.
             const existingIcon = titleEl.querySelector('.iconize-icon');
@@ -231,7 +233,7 @@ const addAll = (
             IconCache.getInstance().set(dataPath, {
               iconNameWithPrefix: iconName,
             });
-            dom.setIconForNode(plugin, iconName, iconNode);
+            dom.setIconForNode(plugin, iconName, iconNode, iconColor);
 
             titleEl.insertBefore(iconNode, titleInnerEl);
           }
diff --git a/src/lib/inheritance.ts b/src/lib/inheritance.ts
index 46c8a9ac..39803a43 100644
--- a/src/lib/inheritance.ts
+++ b/src/lib/inheritance.ts
@@ -26,7 +26,12 @@ const getFolders = (
   plugin: IconFolderPlugin,
 ): Record<string, FolderIconObject> => {
   return Object.entries(plugin.getData())
-    .filter(([k, v]) => k !== 'settings' && typeof v === 'object')
+    .filter(
+      ([k, v]) =>
+        k !== 'settings' &&
+        typeof v === 'object' &&
+        (v as FolderIconObject).inheritanceIcon,
+    )
     .reduce<Record<string, FolderIconObject>>((prev, [path, value]) => {
       prev[path] = value as FolderIconObject;
       return prev;
@@ -57,6 +62,10 @@ const add = (
     return;
   }
 
+  if (!(folder as FolderIconObject).inheritanceIcon) {
+    return;
+  }
+
   // A inner function that helps to add the inheritance icon to the DOM.
   const addIcon = (fileItem: FileItem): void => {
     const titleEl = getFileItemTitleEl(fileItem);
@@ -133,6 +142,10 @@ const remove = (
     return;
   }
 
+  if (!(folder as FolderIconObject).inheritanceIcon) {
+    return;
+  }
+
   // Gets all files that include the folder path of the currently opened vault.
   const files = getFiles(plugin, folderPath);
 
diff --git a/src/lib/util/dom.ts b/src/lib/util/dom.ts
index 77810085..83eda1e4 100644
--- a/src/lib/util/dom.ts
+++ b/src/lib/util/dom.ts
@@ -162,11 +162,18 @@ const getIconFromElement = (element: HTMLElement): string | undefined => {
   return existingIcon;
 };
 
+const getIconNodeFromPath = (path: string): HTMLElement | undefined => {
+  return document
+    .querySelector(`[data-path="${path}"]`)
+    ?.querySelector('[data-icon]');
+};
+
 export default {
   setIconForNode,
   createIconNode,
   doesElementHasIconNode,
   getIconFromElement,
+  getIconNodeFromPath,
   removeIconInNode,
   removeIconInPath,
 };
diff --git a/src/main.ts b/src/main.ts
index 30a33693..3ce29ca7 100644
--- a/src/main.ts
+++ b/src/main.ts
@@ -50,10 +50,12 @@ import { buildIconPlugin } from './editor/live-preview';
 import { PositionField, buildPositionField } from './editor/live-preview/state';
 import { calculateInlineTitleSize } from './lib/util/text';
 import { processMarkdown } from './editor/markdown-processor';
+import ChangeColorModal from './ui/change-color-modal';
 
 export interface FolderIconObject {
   iconName: string | null;
-  inheritanceIcon: string;
+  inheritanceIcon?: string;
+  iconColor?: string;
 }
 
 export default class IconFolderPlugin extends Plugin {
@@ -135,6 +137,15 @@ export default class IconFolderPlugin extends Plugin {
           });
         };
 
+        const changeColorOfIcon = (item: MenuItem) => {
+          item.setTitle('Change color of icon');
+          item.setIcon('palette');
+          item.onClick(() => {
+            const modal = new ChangeColorModal(this.app, this, file.path);
+            modal.open();
+          });
+        };
+
         menu.addItem(addIconMenuItem);
 
         const filePathData = this.getData()[file.path];
@@ -147,12 +158,20 @@ export default class IconFolderPlugin extends Plugin {
           filePathData &&
           (typeof filePathData === 'string' || inheritanceFolderHasIcon)
         ) {
+          const icon =
+            typeof filePathData === 'string'
+              ? filePathData
+              : (filePathData as FolderIconObject).iconName;
+          if (!emoji.isEmoji(icon)) {
+            menu.addItem(changeColorOfIcon);
+          }
+
           menu.addItem(removeIconMenuItem);
         }
 
         const inheritIcon = (item: MenuItem) => {
           const iconData = this.data[file.path] as FolderIconObject | string;
-          if (typeof iconData === 'object') {
+          if (typeof iconData === 'object' && iconData.inheritanceIcon) {
             item.setTitle('Remove inherit icon');
             item.onClick(() => {
               inheritance.remove(this, file.path, {
@@ -280,6 +299,9 @@ export default class IconFolderPlugin extends Plugin {
       const folderPath = inheritance.getFolderPathByFilePath(this, file.path);
       const folderInheritance = inheritance.getByPath(this, file.path);
       const iconName = folderInheritance.inheritanceIcon;
+      if (!iconName) {
+        return;
+      }
       didUpdate = true;
       inheritance.add(this, folderPath, iconName, {
         file,
@@ -406,6 +428,11 @@ export default class IconFolderPlugin extends Plugin {
               const folderInheritance = inheritance.getByPath(this, file.path);
               const iconName = folderInheritance.inheritanceIcon;
               dom.removeIconInPath(file.path);
+
+              if (!iconName) {
+                return;
+              }
+
               inheritance.add(this, folderPath, iconName, {
                 file,
                 onAdd: (file) => {
@@ -486,6 +513,10 @@ export default class IconFolderPlugin extends Plugin {
 
           inheritanceFolders.forEach(
             ([path, obj]: [string, FolderIconObject]) => {
+              if (!obj.inheritanceIcon) {
+                return;
+              }
+
               inheritance.add(this, path, obj.inheritanceIcon, {
                 file,
                 onAdd: (file) => {
@@ -747,8 +778,10 @@ export default class IconFolderPlugin extends Plugin {
     if (icon === null && currentValue && typeof currentValue === 'object') {
       const folderObject = currentValue as FolderIconObject;
 
-      if (folderObject.iconName) {
+      if (folderObject.iconName && !folderObject.iconColor) {
         this.data[folderPath] = getNormalizedName(folderObject.iconName);
+      } else if (folderObject.iconName) {
+        (currentValue as FolderIconObject).inheritanceIcon = null;
       } else {
         delete this.data[folderPath];
       }
@@ -806,6 +839,48 @@ export default class IconFolderPlugin extends Plugin {
     this.saveIconFolderData();
   }
 
+  addIconColor(path: string, iconColor: string): void {
+    const pathData = this.getData()[path];
+
+    if (typeof pathData === 'string') {
+      this.getData()[path] = {
+        iconName: pathData,
+        iconColor,
+      };
+    } else {
+      (pathData as FolderIconObject).iconColor = iconColor;
+    }
+
+    this.saveIconFolderData();
+  }
+
+  getIconColor(path: string): string | undefined {
+    const pathData = this.getData()[path];
+
+    if (typeof pathData === 'string') {
+      return undefined;
+    }
+
+    return (pathData as FolderIconObject).iconColor;
+  }
+
+  removeIconColor(path: string): void {
+    const pathData = this.getData()[path];
+
+    if (typeof pathData === 'string') {
+      return;
+    }
+
+    const currentValue = pathData as FolderIconObject;
+    if (!currentValue.inheritanceIcon) {
+      this.data[path] = currentValue.iconName;
+    } else {
+      delete currentValue.iconColor;
+    }
+
+    this.saveIconFolderData();
+  }
+
   removeFolderIcon(path: string): void {
     if (!this.data[path]) {
       return;
@@ -816,10 +891,15 @@ export default class IconFolderPlugin extends Plugin {
 
     if (typeof this.data[path] === 'object') {
       const currentValue = this.data[path] as FolderIconObject;
-      this.data[path] = {
-        ...currentValue,
-        iconName: null,
-      };
+      if (!currentValue.inheritanceIcon) {
+        delete this.data[path];
+      } else {
+        delete currentValue.iconColor;
+        this.data[path] = {
+          ...currentValue,
+          iconName: null,
+        };
+      }
     } else {
       delete this.data[path];
     }
diff --git a/src/settings/ui/customIconRule.ts b/src/settings/ui/customIconRule.ts
index e09acce1..5cf2e821 100644
--- a/src/settings/ui/customIconRule.ts
+++ b/src/settings/ui/customIconRule.ts
@@ -285,7 +285,7 @@ export default class CustomIconRuleSetting extends IconFolderSetting {
           // Create modal and its children elements.
           const modal = new Modal(this.plugin.app);
           modal.contentEl.style.display = 'block';
-          modal.modalEl.classList.add('iconize-custom-rule-modal');
+          modal.modalEl.classList.add('iconize-custom-modal');
           modal.titleEl.setText('Edit custom rule');
 
           // Create the input for the rule.
diff --git a/src/settings/ui/emojiStyle.ts b/src/settings/ui/emojiStyle.ts
index a16cde2a..3a2e2bde 100644
--- a/src/settings/ui/emojiStyle.ts
+++ b/src/settings/ui/emojiStyle.ts
@@ -38,6 +38,10 @@ export default class EmojiStyleSetting extends IconFolderSetting {
           const inheritanceData = this.plugin.getData()[
             path
           ] as FolderIconObject;
+          if (!inheritanceData.inheritanceIcon) {
+            continue;
+          }
+
           iconName = inheritanceData.iconName;
 
           // Handle updating the emoji style for the inheritance icon.
diff --git a/src/styles.css b/src/styles.css
index 25e700d6..ded0f446 100644
--- a/src/styles.css
+++ b/src/styles.css
@@ -98,13 +98,13 @@
 }
 
 /* Custom rule modal. */
-.iconize-custom-rule-modal .modal-content {
+.iconize-custom-modal .modal-content {
   display: flex;
   align-items: center;
   justify-content: center;
 }
 
-.iconize-custom-rule-modal .modal-content input {
+.iconize-custom-modal .modal-content input {
   width: 100%;
   margin-right: 0.5rem;
 }
diff --git a/src/ui/change-color-modal.ts b/src/ui/change-color-modal.ts
new file mode 100644
index 00000000..03516659
--- /dev/null
+++ b/src/ui/change-color-modal.ts
@@ -0,0 +1,80 @@
+import { App, Modal, ColorComponent, ButtonComponent, Notice } from 'obsidian';
+import IconFolderPlugin from '@app/main';
+import svg from '@app/lib/util/svg';
+import dom from '@app/lib/util/dom';
+
+export default class ChangeColorModal extends Modal {
+  private plugin: IconFolderPlugin;
+  private path: string;
+
+  private usedColor?: string;
+
+  constructor(app: App, plugin: IconFolderPlugin, path: string) {
+    super(app);
+    this.plugin = plugin;
+    this.path = path;
+
+    this.usedColor = this.plugin.getIconColor(this.path);
+
+    this.contentEl.style.display = 'block';
+    this.modalEl.classList.add('iconize-custom-modal');
+    this.titleEl.setText('Change color');
+
+    const description = this.contentEl.createEl('p', {
+      text: 'Select a color for this icon',
+      cls: 'setting-item-description',
+    });
+    description.style.marginBottom = 'var(--size-2-2)';
+    const colorContainer = this.contentEl.createDiv();
+    colorContainer.style.display = 'flex';
+    colorContainer.style.alignItems = 'center';
+    colorContainer.style.justifyContent = 'space-between';
+    const colorPicker = new ColorComponent(colorContainer)
+      .setValue(this.usedColor ?? '#000000')
+      .onChange((value) => {
+        this.usedColor = value;
+      });
+    const defaultColorButton = new ButtonComponent(colorContainer);
+    defaultColorButton.setTooltip('Set color to the default one');
+    defaultColorButton.setButtonText('Reset');
+    defaultColorButton.onClick(() => {
+      colorPicker.setValue('#000000');
+      this.usedColor = undefined;
+    });
+
+    // Save button.
+    const button = new ButtonComponent(this.contentEl);
+    button.buttonEl.style.marginTop = 'var(--size-4-4)';
+    button.buttonEl.style.float = 'right';
+    button.setButtonText('Save Changes');
+    button.onClick(async () => {
+      new Notice('Color of icon changed.');
+
+      if (this.usedColor) {
+        this.plugin.addIconColor(this.path, this.usedColor);
+      } else {
+        this.plugin.removeIconColor(this.path);
+      }
+
+      // Refresh the DOM.
+      const iconNode = dom.getIconNodeFromPath(this.path);
+      iconNode.style.color = this.usedColor ?? null;
+      const colorizedInnerHtml = svg.colorize(
+        iconNode.innerHTML,
+        this.usedColor,
+      );
+      iconNode.innerHTML = colorizedInnerHtml;
+
+      this.close();
+    });
+  }
+
+  onOpen() {
+    super.onOpen();
+  }
+
+  onClose() {
+    const { contentEl } = this;
+    contentEl.empty();
+  }
+}