Commercial photochromic and thermochromic colorants that change rapidly and reversibly from colorless to colored state when activated by stimuli like ultraviolet irradiation, temperature or pH are well established class of colorants for manufacturing of niche products. Use of photochromic and thermochromic systems in applications like medical thermography, plastic strip thermometers, photochromic lenses, food packaging and nondestructive testing of engineered articles and electronic circuitry is well documented. However, in the last few years, the research on application of these systems on textiles has picked up significantly which has the potential to unlock commercially significant nascent high-tech applications. This review paper presents a summary of the chemistry, mechanism, application on textiles and evaluation procedure of performance, other technical features, current and potential application areas as well as challenges encountered in wider acceptance of photochromic and thermochromic colorants on textiles.