The invention discloses a novel colored and fragrant firecracker which is prepared from the following components in parts by weight: 50-70 parts of potassium perchlorate, 1-3 parts of acetylene black, 5-9 parts of ammonium chloroplatinate, 8-15 parts of magnesium powder, 7-15 parts of aluminum powder, 5-10 parts of titanium white, 6-10 parts of iron powder, 5-15 parts of aged folium artemisiae argyi powder, 6-25 parts of Artemisia santonica powder, 8-16 parts of strontium carbonate, 2-6 parts of phenol formaldehyde resin, 2-6 parts of polyvinyl chloride, 4-12 parts of strontium nitrate, 9-30 parts of sulfur, 1-6 parts of shellac, 10-50 parts of barium nitrate, 10-50 parts of calcium nitrate, 2-5 parts of sodium nitrate, 0.5-1 part of rosin, 2-25 parts of antimony sulfide, 1-3 parts of vegetable oil and 15-35 parts of hard charcoal powder. The invention has the advantages of reasonable product formula, high safety performance and favorable explosion effect, and integrates fireworks and crackers; after the firecracker is ignited, the firecracker can generate dual effects of fireworks and crackers, has beautiful colors and fragrant smell, and can last for a long time.