Ginkgo biloba, a relict plant, has been popularized and planted in most areas of China for its leaves, timber, and fruits. In the present study, the dynamic changes in leaf color, leaf pigment content during the color change period, and photosynthetic characteristics in different growth periods were studied to explore the coloring mechanism and adaptability of five late-deciduous superior Beijing G. biloba cultivars (LD1–LD5). The results showed that the leaf color change of each superior cultivar was relatively stable, and the discoloration period of LD3 and LD5 was later than that of others. From September to November, the chlorophyll a, chlorophyll b, and total chlorophyll content in all superior cultivars showed a downward trend, except in LD3, in which the pigment content was slightly higher in October than in September. Except in LD3 and LD4, the ratio of carotene content to total chlorophyll content in other cultivars slightly decreased in October. In May, the photosynthetic capacity of LD5 was stronger than that of other cultivars. The photosynthetic capacity of LD3 was strong in July and October. Our results imply that LD3 and LD5 are suitable for mixed planting with common G. biloba to increase the overall leaf color viewing period. Ginkgo biloba leaves turn yellow in autumn because of both a decrease in the chlorophyll content after leaf senescence and an increase in the Car content during leaf senescence. Although LD5 presented rapid seedling emergence, LD3 grew faster during the vigorous and late growth stages and is thus suitable for agricultural production.