Polypropylene (PP) belongs among the most important commodity plastics due to its widespread application. The color of the PP products can be achieved by the addition of pigments, which can dramatically affect its material characteristics. To maintain product consistency (dimensional, mechanical, and optical), knowledge of these implications is of great importance. This study investigates the effect of transparent/opaque green masterbatches (MBs) and their concentration on the physico-mechanical and optical properties of PP produced by injection molding. The results showed that selected pigments had different nucleating abilities, affecting the dimensional stability and crystallinity of the product. The rheological properties of pigmented PP melts were affected as well. Mechanical testing showed that the presence of both pigments increased the tensile strength and Young’s modulus, while the elongation at break was significantly increased only for the opaque MB. The impact toughness of colored PP with both MBs remained similar to that of neat PP. The optical properties were well controlled by the dosing of MBs, and were further related to the RAL color standards, as demonstrated by CIE color space analysis. Finally, the selection of appropriate pigments for PP should be considered, especially in areas where dimensional and color stability, as well as product safety, are highly important.