In order to identify the pigments and binding media of acrobat figures excavated from Pit K9901 of Emperor Qinshihuang’s Mausoleum, polarized light microscopy (PLM), Raman spectrometry and gas chromatography-mass spectrometry (GC-MS) were applied to study the two polychrome fragments. The results indicate that the binding media of the pigments is animal glue, the white pink pigment is a mixture of cinnabar and white lead, and the red pink pigment is a mixture of cinnabar and bone white. The study could provide important information about archaeological culture of Emperor Qinshihuang’s Mausoleum.