In this study, we present Colon-X, an open initiative aimed at advancing multimodal intelligence in colonoscopy. We begin by constructing ColonVQA, the most comprehensive multimodal dataset ever built for colonoscopy, featuring over 1.1M+ visual question answering entries across 76 clinical findings and 18 multimodal tasks. Beyond serving as a community-wide data foundation, we further investigate a critical yet underexplored transition in colonoscopy - evolving from multimodal understanding to clinical reasoning: (a) To capture the current landscape of multimodal understanding behaviors, we systematically assess the generalizability of 22 multimodal large language models and examine their reliability under human-induced perturbations. The results reveal that clinical outputs from leading MLLMs remain far from robust and trustworthy. (b) To narrow this gap, we further explore reasoning-centric intelligence tailored for colonoscopy. Specifically, we curate ColonReason, a clinically grounded reasoning dataset annotated through a multi-agent debating pipeline, and develop ColonR1, the first R1-styled model that mitigates reward information collapse through task-adaptive rewards and gradient-stable policy optimization. Under data-scarce conditions, our ColonR1 achieves 56.61% overall accuracy, outperforming supervised fine-tuning by 25.22%, and sets a new reasoning-enabled baseline for multimodal colonoscopy analysis. All data and model resources are publicly available at https://github.com/ai4colonoscopy/Colon-X.