Monascus pigments (MPs) are a kind of natural ingredient fermented by Monascus spp., which contains three types of pigments: red, orange, and yellow ones. Monascus yellow pigments have a restricted yield and cannot meet industrial application. The method and mechanism of CaCl2 improving yellow pigments production by liquid fermentation of Monascus purpureus M8 were studied in order to overcome the low yield of yellow pigments produced by liquid fermentation. Changes in physiological and biochemical indicators explained the effects of CaCl2 on the production of Monascus yellow pigments from solid fermentation. The intracellular yellow pigments, orange pigments, and red pigments increased by 156.08%, 43.76%, and 42.73%, respectively, with 60 g/l CaCl2 addition to culture medium. The amount of red and orange pigments reduced, while the proportion of yellow pigments increased and the relative peak area of intracellular yellow pigments accounted for a dominant 98.2%, according to thin layer chromatography and high performance liquid chromatography analyses. Furthermore, the influence of CaCl2 extended to the modulation of pigments synthesis-related gene expression in M8 strain. This modulation led to a pronounced upregulation in the expression of the yellow pigments synthesis-related gene, mppE, signifying a pivotal role played by CaCl2 in orchestrating the intricate machinery behind yellow pigments biosynthesis.