In the race to develop new luminescent materials for the next generation of light-emitting-diode (LED)-based solid-state lighting and display applications, it is often forgotten that color theory and human perception should be some of the principal factors guiding materials design. In this Viewpoint, we explore some of the antiquated colorimetrics established originally for incandescent and fluorescent lighting and discuss how they are still widely applied in the literature today to interpret the color quality of luminescent materials, like inorganic phosphors and quantum dots, and to analyze prototype devices, despite their shortcomings. We then shift our analysis toward contemporary ideas in color theory that more accurately describe the color quality of modern LED light bulbs and flat-panel displays. Finally, the perspective examines the opportunities and challenges of applying these new concepts to guide the design of luminescent materials used in LED-based applications.