In gnuplot-4.2.6 I can produce a nice white on black image using
set term png medium x000000 xffffff
set output 'file.png'
plot x
This produces a png file with a black background and white axes, axis labels, titles, legend text, etc.
The new gnuplot-5.0.1 complains about the above 'set term' command saying "obsolete color option". The closest I can come to getting an image which is white on black is to set the background to black with
set term png medium background '#ffffff'
set output 'file.png'
plot x
but this just sets the background to black without setting the axes, axis labels etc. to white.
Does anyone know how I can get white on black png images in the latest version of gnuplot?

pngterminal itself is obsolete. Try usingpngcairowhich might allow you to do what you want. I can't check myself since I don't use gnuplot-5. - Miguel