A palette swap is a practice in video games in which a graphic already used for one purpose is given a new palette so it can be used for a different purpose. In the Punch-Out!! series, it has been used extensively to save memory in its older games, for it was both scarce and expensive in the early days of video games.
Typically, fighters who are palette swaps of each other share the same sprites for their bodies, but have different sprites for their heads. In addition to this, palette-swapped fighters also often have similar fighting styles.
Punch-Out!! & Super Punch-Out!! (Arcade)[]

Both arcade games share the same visual style, allowing characters from Super Punch-Out!! to reuse graphics from its predecessor. The following characters are palette swaps of each other:
- Glass Joe and Kid Quick
- Piston Hurricane, Pizza Pasta, and Great Tiger
- Bald Bull and Mr. Sandman
- Vodka Drunkenski and Super Macho Man
The only characters to not have any palette swaps are Dragon Chan and Bear Hugger.
Arm Wrestling[]
Texas Mac and Mask X share the same sprite for their body, though all the other opponents (Kabuki, Alice & Ape III and Frank Jr.) doesn't have any palette swaps.
Punch-Out!! (NES)[]

The following characters are palette swaps of each other:
- Glass Joe and Don Flamenco
- Von Kaiser and Great Tiger
- Piston Honda, Mike Tyson, and Mr. Dream
- Bald Bull and Mr. Sandman
- Soda Popinski and Super Macho Man
The only character to not have any palette swaps is King Hippo.
Super Punch Out!! (SNES)[]

The following characters are palette swaps of each other:
- Gabby Jay and Bob Charlie
- Bear Hugger and Mad Clown
- Piston Hurricane and Aran Ryan
- Bald Bull and Mr. Sandman
- Dragon Chan and Heike Kagero
- Masked Muscle and Super Macho Man
- Rick Bruiser and Nick Bruiser
The only characters to not have any palette swaps are Narcis Prince and Hoy Quarlow.
Punch-Out!! (Wii)[]

While all the opponents has their own unique model, the Head-to-Head Mode use a color swap of Little Mac's model as the controllable character for the second player. This also applies to their Giga Mac form.