Surface temperature of the urban fabric plays an important role in the microclimate, the energy performance of the buildings and the comfort conditions of city dwellers. Pavements (roads, parking spaces etc.) cover a significant percentage of a city’s surface and their thermal characteristics play a dominant role in the formation of the urban heat island effect, which refers to the temperature increase in urban areas compared to rural settings. This paper reports the technologies related to cool paving materials, their thermal and optical properties and the benefits of their use in the urban structures. It also presents the experimental assessment of cool colored thin layer asphalt and the estimation of the potential to improve the urban microclimate.