The invention discloses an in-mold label with a color changing effect. The in-mold label comprises a transparent protective layer, a color changing printing layer and an attaching layer which are sequentially bonded with one another, and the side, away from the color changing printing layer, of the attaching layer is matched with the outer surface of a bottle body/injection molding part. The in-mold label in the invention has the following beneficial effects that the color of the manufactured in-mold label can be changed according to the use temperature or under external illumination, and an excellent visual effect can be brought to customers when the in-mold label is applied to the bottle body or the injection molding part.