Children of Dreams is a 1931 American pre-Code musical operetta drama film photographed entirely in Part Technicolor and produced and distributed by Warner Bros.The film was directed by Alan Crosland. Children of Dreams was the second original operetta written especially for the screen by Oscar Hammerstein II and Sigmund Romberg. This team had previously worked on the musical Viennese Nights, which had proved to be a success. The film had the misfortune of being released at a time when the public had grown weary of musicals and did poorly at the box office.

It was the only full-scale musical to be released in the summer of 1931. Although Children of Dreams was filmed in color and exhibited in a few select areas in color, Warner Bros. decided to circulate black-and-white prints in many areas as a cost saving measure due to the backlash against musicals.