Primary Colors
Red, Blue, Yellow

Secondary Colors are made by mixing two primary colors.
Green, Orange, Violet

Tertiary Colors are made by mixing a primary color with a secondary color.
Magenta, Blue-Violet, Green-Blue, Yellow-Green, Yellow-Orange, Red-Orange

Analogous Colors (or adjacent or harmonizing colors) appear grouped next to each other on the color wheel. (Yellow-Green, Green and Blue-Green, for example). Analogous colors often work well together but if too close in value they can appear washed out or not have enough contrast. Make it even more interesting by adding a fourth to the palette.

Complementary Colors are directly opposite each other on the color wheel. They create a dynamic tension but may clash if not used carefully.

Value is the lightness or darkness of a color.
are lightened values.
are darkened values.

Saturated colors are pure hues.

Brightness is the amount of white added to a hue

Monochromatic Color Scheme - The use of various values and intensities of one color family.

Triadic color combinations use colors at the corners of an equilateral triangle.

Quadratic color combinations use colors at the corners of a square.

Cool Colors (calming): Blue, Green, Violet (& White)
Warm Colors (exciting): Red, Yellow, Orange (& Black)
Neutral Colors: Brown, Tan, Beige, Gray, Silver, Black, White

The easiest way to create a dynamic color palette is by starting with a color triad. Play with the value of the colors as well.

Remember, a color palette should be no more than five colors (not counting black and white). Work in a neutral or two.

Consider the meaning of the colors you are using and use them to your advantage.

Take into account contemporary color palettes. Neutrals have become extremely popular again. And they work well for business applications.