The statue at Badaun's Dugraiyya village was rebuilt after it was vandalised on Saturday.
Ambedkar is usually depicted in a black or blue coat in statues across the country.
The statue didn't stay saffron for long. Workers said to be from Mayawati's Bahujan Samaj Party went to the spot and repainted it blue.
Yogi Adityanath, who is known for his love for the colour, has often said: "Saffron represents purity... can someone deny the existence of the sun which is also saffron... people questioning all these are narrow-minded."
Last month, a number of statues were vandalised after a Lenin statue was pulled down in Tripura after the BJP wrested the state from the Left.
Security around statues in UP was increased today because of a "Bharat Bandh" call by those opposed to quota in jobs and education.
(With inputs from ANI)