The best way is to use Item Variants for different colors for the same items, as Mohana said. You can make one main BOM and many BOM versions with different colors.
When you want to create new Production Order, you need to choose BOM version with right color and on Production Journal for output entry choose color variant.
Maybe you do not need different BOM versions base on colors. You can use only one BOM, but when you create new Production Order, you need to add color item in Components table.
This is the best way and I use variants for different colors many times.