With an increasing requirement to showcase dynamic and adaptable content for diverse purposes, ranging from interactive marketing to energy efficiency initiatives, it is vital to develop technologies that consume negligible power to display images and exhibit good sunlight legibility, rapid refresh rates, and full‐spectrum color reproduction. Nonvolatile displays based on phase change materials (NvD‐PCMs) can satisfy all the aforementioned criteria and have attracted immense attention in academia and industry. However, despite advancements in the color‐changing performance of such coatings, NvD‐PCM technology remains associated with several challenges, such as the lack of a microstructural‐origin‐based systematic explanation of the color‐generating mechanism and development of pixelated displays. This paper comprehensively reviews recent advances in NvD‐PCMs. It discusses the intrinsic properties and material selection of PCMs for display applications, summarizing the rendering mechanism for adjustable structural colors and challenges associated with nanopixel display technology, finally providing a multidimensional outlook on the future research direction in this domain. By overcoming the constraints of NvD‐PCMs and exploring their potential, this review aims to contribute to their advancement, facilitating the development of innovative display technologies that meet the increasing demands of various industries.