diff --git a/changelog/68129.fixed.md b/changelog/68129.fixed.md
new file mode 100644
index 000000000000..a3f4ac2eb5bf
--- /dev/null
+++ b/changelog/68129.fixed.md
@@ -0,0 +1 @@
+Fixed ``ValueError: Formatting field not found in record: 'colorlevel'`` errors when ``log_fmt_console`` uses custom color attributes such as ``%(colorlevel)s`` or ``%(colormsg)s``. ``SaltLogRecord`` now always provides the ``color*`` attributes (uncolored by default) so that log records buffered by the temporary deferred stream handler can be formatted by a colorized console formatter once it is installed.
diff --git a/salt/_logging/impl.py b/salt/_logging/impl.py
index 8f6699f015e3..124633c0aa76 100644
--- a/salt/_logging/impl.py
+++ b/salt/_logging/impl.py
@@ -111,6 +111,19 @@ def __init__(self, *args, **kwargs):
         self.bracketname = f"[{str(self.name):<17}]"
         self.bracketlevel = f"[{str(self.levelname):<8}]"
         self.bracketprocess = f"[{str(self.process):>5}]"
+        # Always provide the color* attributes so that a formatter using
+        # ``%(colorlevel)s`` / ``%(colormsg)s`` / etc. does not blow up when
+        # formatting a record that was created before
+        # ``SaltColorLogRecord`` was installed as the active log record
+        # factory (for example, log records buffered by the temporary
+        # ``DeferredStreamHandler`` that are flushed once the console
+        # handler has been set up with a color format).  These defaults
+        # have no color escapes; ``SaltColorLogRecord`` overrides them
+        # with colorized values.
+        self.colorname = self.bracketname
+        self.colorlevel = self.bracketlevel
+        self.colorprocess = self.bracketprocess
+        self.colormsg = self.getMessage()
 
 
 class SaltColorLogRecord(SaltLogRecord):
diff --git a/tests/pytests/unit/_logging/test_impl.py b/tests/pytests/unit/_logging/test_impl.py
new file mode 100644
index 000000000000..b4e5b6a28d17
--- /dev/null
+++ b/tests/pytests/unit/_logging/test_impl.py
@@ -0,0 +1,121 @@
+"""
+Tests for salt._logging.impl.
+"""
+
+import io
+import logging
+
+import pytest
+
+from salt._logging.handlers import DeferredStreamHandler, StreamHandler
+from salt._logging.impl import (
+    SaltColorLogRecord,
+    SaltLogRecord,
+    get_log_record_factory,
+    set_log_record_factory,
+)
+
+
+@pytest.fixture
+def restore_log_record_factory():
+    original = get_log_record_factory()
+    try:
+        yield
+    finally:
+        set_log_record_factory(original)
+
+
+@pytest.fixture
+def restore_root_handlers():
+    original = logging.root.handlers[:]
+    original_level = logging.root.level
+    try:
+        yield
+    finally:
+        logging.root.handlers[:] = original
+        logging.root.setLevel(original_level)
+
+
+def test_salt_log_record_provides_color_attributes():
+    """
+    Regression test for #68129.
+
+    ``SaltLogRecord`` must define the ``color*`` attributes so that a
+    formatter using ``%(colorlevel)s`` / ``%(colormsg)s`` / ``%(colorname)s``
+    / ``%(colorprocess)s`` can format records produced by the plain
+    ``SaltLogRecord`` factory.  Records that were buffered by the temporary
+    deferred stream handler before the color log record factory was
+    installed (for example, the records flushed by ``shutdown_temp_handler``
+    once ``setup_console_handler`` has run with a color ``log_fmt_console``)
+    must not raise ``ValueError: Formatting field not found in record``.
+    """
+    record = SaltLogRecord(
+        "salt.test",
+        logging.DEBUG,
+        __file__,
+        1,
+        "hello %s",
+        ("world",),
+        None,
+    )
+    assert hasattr(record, "colorname")
+    assert hasattr(record, "colorlevel")
+    assert hasattr(record, "colorprocess")
+    assert hasattr(record, "colormsg")
+
+    fmt = logging.Formatter(
+        "%(colorlevel)s %(colorname)s %(colorprocess)s %(colormsg)s"
+    )
+    # Must not raise -- the bug in #68129 manifested here as
+    # ``ValueError: Formatting field not found in record: 'colorlevel'``.
+    formatted = fmt.format(record)
+    assert "DEBUG" in formatted
+    assert "hello world" in formatted
+
+
+def test_deferred_records_flushed_through_color_formatter(
+    restore_log_record_factory, restore_root_handlers
+):
+    """
+    Regression test for #68129.
+
+    Simulate the real-world sequence:
+
+    1. The temporary ``DeferredStreamHandler`` buffers log records while
+       the plain ``SaltLogRecord`` factory is active.
+    2. ``setup_console_handler`` installs ``SaltColorLogRecord`` as the
+       active factory and adds a console handler whose formatter uses
+       custom color attributes (``%(colorlevel)s``/``%(colormsg)s``).
+    3. ``shutdown_temp_handler`` flushes the buffered records to the new
+       console handler via ``sync_with_handlers``.
+
+    Before the fix, step 3 raised ``ValueError: Formatting field not found
+    in record: 'colorlevel'`` for every buffered record because those
+    records were ``SaltLogRecord`` instances created before the color
+    factory was installed.
+    """
+    logging.root.handlers[:] = []
+    logging.root.setLevel(logging.DEBUG)
+
+    # Step 1: buffer a record using the plain factory.
+    set_log_record_factory(SaltLogRecord)
+    deferred = DeferredStreamHandler(io.StringIO())
+    deferred.setLevel(logging.DEBUG)
+    deferred.setFormatter(logging.Formatter("%(message)s"))
+    logging.root.addHandler(deferred)
+    logger = logging.getLogger("test_68129_deferred")
+    logger.debug("buffered message")
+
+    # Step 2: install the color factory and a color-format console handler.
+    set_log_record_factory(SaltColorLogRecord)
+    console_stream = io.StringIO()
+    console = StreamHandler(console_stream)
+    console.setLevel(logging.DEBUG)
+    console.setFormatter(logging.Formatter("%(colorlevel)s %(colormsg)s"))
+    logging.root.addHandler(console)
+
+    # Step 3: sync the deferred handler's buffered records out.
+    deferred.sync_with_handlers(logging.root.handlers)
+    output = console_stream.getvalue()
+    assert "buffered message" in output
+    assert "DEBUG" in output