Calculation of the n‐electron excitation energies of naphthoquinonoid dyes has been carried out by means of the Pariser—Parr—Pople (PPP) method using the variable, β,γ‐approximation. A good linear correlation between the observed and calculated values for the first π‐π* excitation was found for a new series of naphthoquinonoid dyes. The effect of substituents on the colour of different dyes was studied on the basis of these calculated results, i.e. HOMO—LUMO energy levels and π‐electron‐density changes accompanying the excitation. The intramolecular charge‐transfer character of the π‐π* transition was shown to be the same as occurs in some anthraquinonoid dyes.