In order to improve the color performance of CuCr2O4 black pigment, CuCr2-xFexO4 (x=0,0.04,0.05,0.06,0.07) were prepared by co-precipitation method. The samples were characterized by TG-DTA, XRD, SEM, Raman, XPS, UV-Vis and chromaticity values. The results show that the substitution of Fe3+ for Cr3+ in CuCr2O4, and the valence state of Fe is trivalent. There are no impurity phases. The CuCr2-xFexO4 has well-defined spinel structure, fine grain and good dispersion. The Fe3+ substitution decreases the band gap of pigments from 1.25 eV to 1.08 eV, attributes to 2p(O2-)→3d(Fe3+) charge transform and d-d(6A1g→4T1g, 6A1g→4T2g) charge transform in Fe3+, which increases absorption in visible light(380 nm to 780 nm), decrease L* value and shows good blackness. The CuCr1.95Fe0.05O4 has the optimal chromaticity values which are L*=17.63, a*=-0.77, b*=-1.61.