The phase modulation method forms a latent image by displacing the local dot to achieve anti-counterfeiting purposes, but the changes of the spatial position would affect the color rendering. The influence mechanism of the hidden image on the color attribute is analyzed by exploring the changes in the spatial distribution. Based on the minimum position transformation and center position transformation model in phase modulation, the local variation caused by dot displacement is quantified, and the influence of dot distribution and density on dot color rendering are analyzed. The results show that the phase modulation latent image method resets the location of dots, and the color attributes of different dot distributions and density change accordingly, which affects the image color rendering. Therefore, the rationalized phase modulation scheme is a powerful guarantee for the color reproduction, and can provide a valuable theoretical basis for the study of anti-counterfeit image quality.