When a visual object is briefly flashed, it appears to lag behind another moving object (flash-lag effect; FLE). Previous studies show that a sudden change to the moving object at the time of the flash presentation can eliminate the FLE. We examined whether the FLE is eliminated when a moving object alternates in color as it moves. Observers viewed a moving disc, the color of which did not change at all, changed only once when another object flashed, or alternated between two colors as it moved before the flash presentation. The results showed that although the magnitude of the FLE was reduced compared with the no-change condition, the FLE observed with the moving object that changed color during motion was significantly stronger than the FLE in the one-change condition. The results are discussed in relation to the object updating account of the FLE.