A gray horse (or grey horse) has a coat color characterized by progressive depigmentation of the colored hairs of the coat. Most gray horses have black skin and dark eyes; unlike some equine dilution genes and some other genes that lead to depigmentation, gray does not affect skin or eye color. Gray horses may be born any base color, depending on other color genes present. White hairs begin to appear at or shortly after birth and become progressively more prevalent as the horse ages as white hairs become intermingled with hairs of other colors. Graying can occur at different rates—very quickly on one horse and very slowly on another. As adults, most gray horses eventually become completely white, though some retain intermixed light and dark hairs.

The stages of graying vary widely. Some horses develop a dappled pattern for a period of time, others resemble a roan with more uniform intermixing of light and dark hairs. As they age, some gray horses, particularly those heterozygous for the gray gene, may develop pigmented speckles in addition to a white coat, a pattern colloquially called a "fleabitten gray."

Gray horses appear in many breeds, though the color is most commonly seen in breeds descended from Arabian ancestors. Some breeds that have large numbers of gray-colored horses include the Thoroughbred, the Arabian, the American Quarter Horse and the Welsh pony. Breeds with a very high prevalence of gray include the Percheron, the Andalusian, and the Lipizzaner.

People who are unfamiliar with horses may refer to gray horses as "white". However, a gray horse whose hair coat is completely "white" will still have black skin (except under markings that were white at birth) and dark eyes. This is how to discern a gray horse from a white horse. White horses usually have pink skin and sometimes even have blue eyes. Young horses with hair coats consisting of a mixture of colored and gray or white hairs are sometimes confused with roan. Some horses that carry dilution genes may also be confused with white or gray.

While gray is classified as a coat color by breed registries, genetically it may be more correct to call it a depigmentation pattern. It is a dominant allele, and thus a horse needs only one copy of the gray allele, that is, heterozygous, to be gray in color. A homozygous gray horse, one carrying two gray alleles, will always produce gray foals.

Gray is common in many breeds. Today, about one horse in 10 carries the mutation for graying with age. The vast majority of Lipizzaners are gray, as are the majority of Andalusian horses. Many breeds of French draft horse such as the Percheron and Boulonnais are often gray as well. Gray is also found among Welsh Ponies, Thoroughbreds, and American Quarter Horses. All of these breeds have common ancestry in the Arabian horse. In particular, all gray Thoroughbreds descend from a horse named Alcock's Arabian, a gray born in 1700. The gray coat color makes up about 3% of Thoroughbreds.

Gray also affects spotting patterns of pintos and leopard complex horses such as Appaloosas. Its effects wash out the contrast of the markings of these patterns, sometimes colloquially described as "ghosting."

A gray foal may be born any color. However, bay, chestnut, or black base colors are most often seen. As the horse matures, it "grays out" as white hairs begin to replace the base or birth color. Usually white hairs are first seen by the muzzle, eyes and flanks, occasionally at birth, and usually by the age of one year. Over time, white hairs replace the birth color. The changing patterns of white and dark hairs have many informal names, such as "rose gray," "salt and pepper," "iron gray", or "dapple gray." As the horse ages, the coat continues to lighten, often to a pure white. Some horses develop pigmented reddish-brown speckles on an otherwise white hair coat. Such horses are often called "fleabitten gray".