Adult stem cells and embryonic (ES) and induced pluripotent stem (iPS) cells are two major focus areas of stem cell research. Studies on adult stem cells are important not only as sources for regenerative medicine but for analyzing the mechanisms of tissue homeostasis, tissue repair after injury, cancinogenesis, and aging. On the other hand, ES and iPS cells are mainly important for regenerative medicine. However, many adult stem cells, especially those in low‐turnover tissues, have remained unidentified. We have been working on the development of methods using multiple fluorescent markers, to improve the accuracy of lineage‐tracing analyses of adult stem cells and their fetal progenitors. With this method, we were able to identify lingual epithelial stem cells (LESCs). By using the same strategy, we could potentially identify candidate cancer stem cells. In this review, we would like to introduce how the multicolor lineage tracing method could be used in various stem cell studies.