To enhance the versatility of microbial pigments in textile printing and dyeing, intelligent packaging, medical health and other fields, the stability of red pigment produced by Streptomyces spectabilis strain S-13 and its antibacterial dyeing performance on silk fabrics were preliminarily studied. The results showed that the pigment had a maximum absorption peak at 535 nm and exhibited high stability under different temperatures, illumination conditions, darkness, and in the presence of common food additives. The red pigment was decolorized upon exposure to ultraviolet light and the reducing agent sodium dithionite, whereas its color intensity was enhanced by red light, the oxidant hydrogen peroxide and metal ions. As the pH increased from 4.0 to 10.0, the pigment transitioned from rose red to bright red until yellow, indicating that it was a pH-sensitive pigment. Moreover, the pigment exhibited good levelness and dye permeability to silk fabrics, and the color fastness to soaping, rubbing and perspiration of the dyed silk fabrics were all Grade 5, while the color fastness to sunlight was only Grade 1. Furthermore, the antibacterial efficacy of the dyed silk fabric against Escherichia coli and Staphylococcus aureus was found to be 49.7% and 96.7%, respectively.