This work provides a captivating semiotic interpretation of Fitzgerald's masterpiece The Great Gatsby, focusing on specific metaphorical and narrative strategies which mould the dreams and tragedies in the novel. The reflection is principally centred on the metaphorical meaning of colours, namely “blue, black, red” – which pertain to the domain of tragedy and illusion – in contraposition to “yellow, white, gold, silver” – which relate to love dreams, wealth and light. Also, the essay examines the figurative meaning of the characters’ directions (i.e., from the countryside to the city and vice versa), and the relationship between colours and means of transport. Finally, it is argued that such semiotic expedients are crucial in the interpretation of the novel, as they convey the general idea of a dualism – material vs spiritual – which opposes the protagonists.