The objective of this paper is to discuss the properties and a few applications of multi-spectral speckles. The paper starts with a theoretical section where the correlation properties of multi-spectral speckles are detailed for the case of reflective imaging geometry. Both a free-space geometry and an imaging geometry are detailed. As an application example effects and possibilities provided by the theory in a measurement of surface shape of a generally shaped object from a dual-wavelength holographic recording are detailed. It is showed that the same phase profile is obtained from integration of speckle movements and phase unwrapping and they are therefore exchangeable quantities.