diff --git a/packages/core/src/code-to-tokens-ansi.ts b/packages/core/src/code-to-tokens-ansi.ts
index b6e2b75aa..5acca9a3c 100644
--- a/packages/core/src/code-to-tokens-ansi.ts
+++ b/packages/core/src/code-to-tokens-ansi.ts
@@ -39,6 +39,7 @@ export function tokenizeAnsiWithTheme(
       }
 
       color = applyColorReplacements(color, colorReplacements)
+      bgColor = applyColorReplacements(bgColor, colorReplacements)
 
       if (token.decorations.has('dim'))
         color = dimColor(color)
diff --git a/packages/core/src/code-to-tokens-base.ts b/packages/core/src/code-to-tokens-base.ts
index 405c3ad7d..e7c3b12eb 100644
--- a/packages/core/src/code-to-tokens-base.ts
+++ b/packages/core/src/code-to-tokens-base.ts
@@ -96,14 +96,16 @@ export function tokenizeWithTheme(
         continue
 
       const metadata = result.tokens[2 * j + 1]
-      const foreground = StackElementMetadata.getForeground(metadata)
-      const foregroundColor = applyColorReplacements(colorMap[foreground], colorReplacements)
+      const color = applyColorReplacements(
+        colorMap[StackElementMetadata.getForeground(metadata)],
+        colorReplacements,
+      )
       const fontStyle: FontStyle = StackElementMetadata.getFontStyle(metadata)
 
       const token: ThemedToken = {
         content: line.substring(startIndex, nextStartIndex),
         offset: lineOffset + startIndex,
-        color: foregroundColor,
+        color,
         fontStyle,
       }
 
diff --git a/packages/core/src/code-to-tokens.ts b/packages/core/src/code-to-tokens.ts
index 7dd361d22..e80e8de2f 100644
--- a/packages/core/src/code-to-tokens.ts
+++ b/packages/core/src/code-to-tokens.ts
@@ -2,7 +2,7 @@ import { codeToTokensBase } from './code-to-tokens-base'
 import { codeToTokensWithThemes } from './code-to-tokens-themes'
 import { ShikiError } from './error'
 import type { CodeToTokensOptions, ShikiInternal, ThemedToken, ThemedTokenWithVariants, TokensResult } from './types'
-import { getTokenStyleObject, stringifyTokenStyle } from './utils'
+import { applyColorReplacements, getTokenStyleObject, stringifyTokenStyle } from './utils'
 
 /**
  * High-level code-to-tokens API.
@@ -24,6 +24,7 @@ export function codeToTokens(
     const {
       defaultColor = 'light',
       cssVariablePrefix = '--shiki-',
+      colorReplacements,
     } = options
 
     const themes = Object.entries(options.themes)
@@ -48,12 +49,20 @@ export function codeToTokens(
     tokens = themeTokens
       .map(line => line.map(token => mergeToken(token, themesOrder, cssVariablePrefix, defaultColor)))
 
-    fg = themes.map((t, idx) => (idx === 0 && defaultColor ? '' : `${cssVariablePrefix + t.color}:`) + (themeRegs[idx].fg || 'inherit')).join(';')
-    bg = themes.map((t, idx) => (idx === 0 && defaultColor ? '' : `${cssVariablePrefix + t.color}-bg:`) + (themeRegs[idx].bg || 'inherit')).join(';')
+    fg = themes.map((t, idx) => (idx === 0 && defaultColor
+      ? ''
+      : `${cssVariablePrefix + t.color}:`) + (applyColorReplacements(themeRegs[idx].fg, colorReplacements) || 'inherit')).join(';')
+    bg = themes.map((t, idx) => (idx === 0 && defaultColor
+      ? ''
+      : `${cssVariablePrefix + t.color}-bg:`) + (applyColorReplacements(themeRegs[idx].bg, colorReplacements) || 'inherit')).join(';')
     themeName = `shiki-themes ${themeRegs.map(t => t.name).join(' ')}`
     rootStyle = defaultColor ? undefined : [fg, bg].join(';')
   }
   else if ('theme' in options) {
+    const {
+      colorReplacements,
+    } = options
+
     tokens = codeToTokensBase(
       internal,
       code,
@@ -61,8 +70,8 @@ export function codeToTokens(
     )
 
     const _theme = internal.getTheme(options.theme)
-    bg = _theme.bg
-    fg = _theme.fg
+    bg = applyColorReplacements(_theme.bg, colorReplacements)
+    fg = applyColorReplacements(_theme.fg, colorReplacements)
     themeName = _theme.name
   }
   else {
diff --git a/packages/core/src/utils.ts b/packages/core/src/utils.ts
index d4c690aa5..e1dfd83ad 100644
--- a/packages/core/src/utils.ts
+++ b/packages/core/src/utils.ts
@@ -146,7 +146,11 @@ export function splitTokens<
   })
 }
 
-export function applyColorReplacements(color: string, replacements?: Record<string, string>): string {
+export function applyColorReplacements(color: string, replacements?: Record<string, string>): string
+export function applyColorReplacements(color?: string | undefined, replacements?: Record<string, string>): string | undefined
+export function applyColorReplacements(color?: string, replacements?: Record<string, string>): string | undefined {
+  if (!color)
+    return color
   return replacements?.[color?.toLowerCase()] || color
 }
 
diff --git a/packages/shiki/test/color-replacement.test.ts b/packages/shiki/test/color-replacement.test.ts
new file mode 100644
index 000000000..90f06b3e5
--- /dev/null
+++ b/packages/shiki/test/color-replacement.test.ts
@@ -0,0 +1,46 @@
+import { expect, it } from 'vitest'
+import { codeToHtml } from '../src'
+
+it('colorReplacements', async () => {
+  const result = await codeToHtml('console.log("hi")', {
+    lang: 'js',
+    themes: {
+      light: 'vitesse-light',
+      dark: 'material-theme-palenight',
+    },
+    colorReplacements: {
+      '#393a34': 'var(---replaced-1)',
+      '#b07d48': 'var(---replaced-2)',
+    },
+  })
+
+  expect(result).toContain('var(---replaced-1)')
+  expect(result).toContain('var(---replaced-2)')
+
+  expect(result.replace(/>/g, '>\n'))
+    .toMatchInlineSnapshot(`
+      "<pre class="shiki shiki-themes vitesse-light material-theme-palenight" style="background-color:#ffffff;--shiki-dark-bg:#292D3E;color:var(---replaced-1);--shiki-dark:#babed8" tabindex="0">
+      <code>
+      <span class="line">
+      <span style="color:var(---replaced-2);--shiki-dark:#BABED8">
+      console</span>
+      <span style="color:#999999;--shiki-dark:#89DDFF">
+      .</span>
+      <span style="color:#59873A;--shiki-dark:#82AAFF">
+      log</span>
+      <span style="color:#999999;--shiki-dark:#BABED8">
+      (</span>
+      <span style="color:#B5695999;--shiki-dark:#89DDFF">
+      "</span>
+      <span style="color:#B56959;--shiki-dark:#C3E88D">
+      hi</span>
+      <span style="color:#B5695999;--shiki-dark:#89DDFF">
+      "</span>
+      <span style="color:#999999;--shiki-dark:#BABED8">
+      )</span>
+      </span>
+      </code>
+      </pre>
+      "
+    `)
+})