This species is extremely similar to the Marbled Minor (Oligia strigilis) and the Tawny Marbled Minor (Oligia latruncula) and specific identification usually requires close study of the genitalia. O. versicolor has a wingspan of 23-28 mm and often has more brightly coloured forewings than its congeners with rich reddish-brown tones and a grey subterminal band. There is also often one or more tufts of reddish hairs on the thorax, always lacking in its congeners. Although melanism occurs in this species it is much less frequent than in the other two species. O. versicolor flies at night in June and July and is attracted to light and sugar.