diff --git a/core/src/components.d.ts b/core/src/components.d.ts
index 2aa816ffa0..559bf6bfb0 100644
--- a/core/src/components.d.ts
+++ b/core/src/components.d.ts
@@ -4442,6 +4442,10 @@ declare namespace LocalJSX {
           * The mode determines which platform styles to use.
          */
         "mode"?: "ios" | "md";
+        /**
+          * Emitted when the color changes.
+         */
+        "onIonColor"?: (event: CustomEvent<StyleEventDetail>) => void;
         /**
           * Emitted when the styles change.
          */
diff --git a/core/src/components/item/item.md.scss b/core/src/components/item/item.md.scss
index cfe05fdb7b..af1b4d5e11 100644
--- a/core/src/components/item/item.md.scss
+++ b/core/src/components/item/item.md.scss
@@ -282,3 +282,14 @@
 :host(.item-has-focus:not(.ion-color)) ::slotted(.label-floating) {
   color: $label-md-text-color-focused;
 }
+
+// Material Design Inputs: Highlight Color
+// --------------------------------------------------
+
+:host(.ion-color) {
+  --highlight-color-focused: #{current-color(contrast)};
+}
+
+:host(.item-label-color) {
+  --highlight-color-focused: #{current-color(base)};
+}
diff --git a/core/src/components/item/item.tsx b/core/src/components/item/item.tsx
index 124cc8edfc..179c34d845 100644
--- a/core/src/components/item/item.tsx
+++ b/core/src/components/item/item.tsx
@@ -28,6 +28,7 @@ import { createColorClasses, hostContext, openURL } from '../../utils/theme';
 })
 export class Item implements ComponentInterface, AnchorInterface, ButtonInterface {
 
+  private labelColorStyles = {};
   private itemStyles = new Map<string, CssClassMap>();
 
   @Element() el!: HTMLIonItemElement;
@@ -111,6 +112,18 @@ export class Item implements ComponentInterface, AnchorInterface, ButtonInterfac
    */
   @Prop() type: 'submit' | 'reset' | 'button' = 'button';
 
+  @Listen('ionColor')
+  labelColorChanged(ev: CustomEvent<string>) {
+    const { color } = this;
+
+    // There will be a conflict with item color if
+    // we apply the label color to item, so we ignore
+    // the label color if the user sets a color on item
+    if (color === undefined) {
+      this.labelColorStyles = ev.detail;
+    }
+  }
+
   @Listen('ionStyle')
   itemStyle(ev: CustomEvent<StyleEventDetail>) {
     ev.stopPropagation();
@@ -212,7 +225,7 @@ export class Item implements ComponentInterface, AnchorInterface, ButtonInterfac
   }
 
   render() {
-    const { detail, detailIcon, download, lines, disabled, href, rel, target, routerAnimation, routerDirection } = this;
+    const { detail, detailIcon, download, labelColorStyles, lines, disabled, href, rel, target, routerAnimation, routerDirection } = this;
     const childStyles = {};
     const mode = getIonMode(this);
     const clickable = this.isClickable();
@@ -236,6 +249,7 @@ export class Item implements ComponentInterface, AnchorInterface, ButtonInterfac
         aria-disabled={disabled ? 'true' : null}
         class={{
           ...childStyles,
+          ...labelColorStyles,
           ...createColorClasses(this.color, {
             'item': true,
             [mode]: true,
diff --git a/core/src/components/label/label.md.scss b/core/src/components/label/label.md.scss
index 4bdb56c259..5a773408d2 100644
--- a/core/src/components/label/label.md.scss
+++ b/core/src/components/label/label.md.scss
@@ -44,11 +44,16 @@
   @include transform(translateY(50%), scale(.75));
 }
 
-:host-context(.item-has-focus).label-stacked,
-:host-context(.item-has-focus).label-floating {
+:host-context(.item-has-focus).label-stacked:not(.ion-color),
+:host-context(.item-has-focus).label-floating:not(.ion-color) {
   color: $label-md-text-color-focused;
 }
 
+:host-context(.item-has-focus.ion-color).label-stacked:not(.ion-color),
+:host-context(.item-has-focus.ion-color).label-floating:not(.ion-color) {
+  color: #{current-color(contrast)};
+}
+
 
 // MD Typography
 // --------------------------------------------------
diff --git a/core/src/components/label/label.tsx b/core/src/components/label/label.tsx
index 2bf557004f..5acef0a20d 100644
--- a/core/src/components/label/label.tsx
+++ b/core/src/components/label/label.tsx
@@ -32,6 +32,12 @@ export class Label implements ComponentInterface {
    */
   @Prop() position?: 'fixed' | 'stacked' | 'floating';
 
+  /**
+   * Emitted when the color changes.
+   * @internal
+   */
+  @Event() ionColor!: EventEmitter<StyleEventDetail>;
+
   /**
    * Emitted when the styles change.
    * @internal
@@ -44,6 +50,7 @@ export class Label implements ComponentInterface {
     this.inRange = !!this.el.closest('ion-range');
     this.noAnimate = (this.position === 'floating');
     this.emitStyle();
+    this.emitColor();
   }
 
   componentDidLoad() {
@@ -54,11 +61,25 @@ export class Label implements ComponentInterface {
     }
   }
 
+  @Watch('color')
+  colorChanged() {
+    this.emitColor();
+  }
+
   @Watch('position')
   positionChanged() {
     this.emitStyle();
   }
 
+  private emitColor() {
+    const { color } = this;
+
+    this.ionColor.emit({
+      'item-label-color': color !== undefined,
+      [`ion-color-${color}`]: color !== undefined
+    });
+  }
+
   private emitStyle() {
     const { inRange, position } = this;
 
diff --git a/core/src/components/label/test/basic/index.html b/core/src/components/label/test/basic/index.html
index 60ff708164..3f0954d145 100644
--- a/core/src/components/label/test/basic/index.html
+++ b/core/src/components/label/test/basic/index.html
@@ -17,6 +17,11 @@
     <ion-header>
       <ion-toolbar>
         <ion-title>Label - Basic</ion-title>
+        <ion-buttons slot="end">
+          <ion-button onClick="changeColors()">
+            Color Change
+          </ion-button>
+        </ion-buttons>
       </ion-toolbar>
     </ion-header>
 
@@ -58,10 +63,37 @@
           <ion-label position="floating">Floating</ion-label>
           <ion-input></ion-input>
         </ion-item>
+        <ion-item class="floating-color">
+          <ion-label position="floating" color="success">Floating: Success</ion-label>
+          <ion-input></ion-input>
+        </ion-item>
         <ion-item>
           <ion-label position="stacked">Stacked</ion-label>
           <ion-input></ion-input>
         </ion-item>
+        <ion-item class="stacked-color">
+          <ion-label position="stacked" color="danger">Stacked: Danger</ion-label>
+          <ion-input></ion-input>
+        </ion-item>
+      </ion-list>
+
+      <ion-list>
+        <ion-item color="tertiary">
+          <ion-label position="floating">(Item: Tertiary) Floating</ion-label>
+          <ion-input></ion-input>
+        </ion-item>
+        <ion-item color="primary">
+          <ion-label position="stacked">(Item: Primary) Stacked</ion-label>
+          <ion-input></ion-input>
+        </ion-item>
+        <ion-item class="floating-color" color="tertiary">
+          <ion-label position="floating" color="success">(Item: Tertiary) Floating: Success</ion-label>
+          <ion-input></ion-input>
+        </ion-item>
+        <ion-item class="stacked-color" color="primary">
+          <ion-label position="stacked" color="danger">(Item: Primary) Stacked: Danger</ion-label>
+          <ion-input></ion-input>
+        </ion-item>
       </ion-list>
     </ion-content>
 
@@ -70,6 +102,17 @@
         color: lightblue;
       }
     </style>
+
+    <script>
+      const labels = document.querySelectorAll('.floating-color ion-label, .stacked-color ion-label');
+
+      function changeColors() {
+        for (label of labels) {
+          const currentColor = label.color;
+          label.color = currentColor === 'success' ? 'danger' : 'success';
+        }
+      }
+    </script>
   </ion-app>
 </body>