Color Palette Dialog Box. Displays a modal dialog box that allows the user to choose a specific color value. The Colors dialog box is used to choose a new color for the Line or Fill color or modify any color in the Custom theme of the Color palette.

It lets the user select a color. These colors have names as well as numbers. The Palettes dialog is used to select a palette by clicking on it in a list or grid view.
Click a color to select it or enter the color number or name in the Color box.
A palette is a set of discrete colors in no particular order. Again you can create a ColorDialog at design-time but It is easier to create a ColorDialog at run-time. The options available on the True Color. The color selected in the Colors dialog box is set to the Line color if the top color in the Color box was double-clicked to bring it up or if a color in the Color palette was double-clicked with the left mouse button.