Disclosed herein are compositions and methods for treating wood to give it a desirable color that is durable over time, while at the same time rendering the wood resistant to fungal decay and insect attack. The wood may be pressure treated in a two-step process whereby the wood is first treated with a wood preservation composition, and then treated with a composition comprising pigments, or vice versa. Alternatively, the wood may be simultaneously treated with a composition comprising a wood preservative and a composition comprising pigments.