Comment Color usage should meet the guidelines at Wikipedia:Manual of Style/Accessibility
Use / description Default
{{{1}}} font color default
{{{2}}} text
link page link
Or
Use / description Default
{{{1}}} font color default
{{{2}}} background color default
{{{3}}} text
link page link


{{font color|<text color>|<background color>|<text>}}

Examples:

Markup Renders as
{{font color|green|green text}}
green text
{{font color|blue|do not style text as a link}}
do not style text as a link
{{font color|white|black|white with black background}}
white with black background
{{font color||yellow|default text in yellow background}}
default text in yellow background

The |link= parameter is useful where a link is placed in a colored header such as a navbox. For example, if the header was blue, you would leave the background color blank and set the font color to white. |link=yes sets the link to the text, otherwise it is set to the value of |link=.

Markup Renders as
{{font color|white|blue|Wikipedia:Example|link=yes}}
Wikipedia:Example
{{font color|white|blue|Wikipedia:Example|link=Wikipedia:Sandbox}}
Example