Pyranoanthocyanins are anthocyanin derivatives that were first found in aged red wine. Pyranoanthocyanins contribute to the color and flavor of red wine and their outstanding stability lays the foundation for anthocyanin modification. The present paper aims at reviewing the structural characteristics, formation pathways and physicochemical properties of the common pyranoanthocyanins. Moreover, the relationship between the structure of the pyranoanthocyanins and their color characteristics and biological activity is illustrated. This review is expected to provide useful information for the directed synthesis and application of pyranoanthocyanins.