Color
noun
The kanji and the word are exactly the same. That means they share meanings as well.
いろ
Since this word is made up of a single kanji, it uses the kun'yomi reading. This is the reading you learned with the kanji, though, so enjoy.
この色はコバルトブルーです。
This color is cobalt blue.
今日の日の出は、きれいなオレンジ色でした。
Today's sunrise was a beautiful orange.
このポスターは色のバランスがいいね。
This poster has a good color balance.