Palette Swap (Super Smash Bros.)

Mario

 * Yellow: Based on the yellow-and-purple outfit of his rival, Wario.
 * Blue: A red/blue reversal of his traditional colors. This is seen as a partial reference to Mario's varying appearances in games prior to Nintendo's officially establishment of Mario's outfit of consisting of a red shirt, blue overalls and red hat. In various earlier games, Mario occasionally also appeared with sometimes a blue hat, red shirt with blue overalls or a red hat, blue shirt with red overalls. However, this particular combination of a blue hat, blue shirt, with red overalls was never used in any game.
 * Brown: A reference to Foreman Spike from Wrecking Crew.
 * Green*: The color inverse of his traditional colors. Contrary to popular belief it is not a reference to Luigi. However, it does coincidentally resemble Luigi's colors from the arcade version of Mario Bros.

Yoshi
All of Yoshi's costumes are the different variations of the Yoshi species from the various Yoshi games including:
 * Red
 * Light Blue
 * Yellow
 * Blue**
 * Pink**

Captain Falcon

 * Red: Based on the appearance of his rival, Blood Falcon.
 * White: The same colors as Jody Summers's outfit.
 * Green
 * Blue*: An alternate, more brighter version of his standard colors.

Kirby

 * Yellow: The same as Keeby. It is also similar to his colors scheme when he is Beam Kirby, sans the hat.
 * Red: The same as when he is Fire Kirby, sans the hat.
 * Blue: The same as when he is Ice Kirby, sans the hat.
 * Green*

Samus Aran

 * Pink: Based off the appearance of the Varia Suit when missiles are selected in the original NES Metroid game. It is also the color of the Gravity Suit in iterations prior to Metroid Prime.
 * Green
 * Brown
 * Blue*

Link

 * Red: Based off the Goron Tunic from The Legend of Zelda: Ocarina of Time.
 * Blue: Based off the Zora Tunic from The Legend of Zelda: Ocarina of Time.
 * VioletBased off the last Tunic from the original The Legend of Zelda.

Luigi

 * Red
 * Blue
 * White: Based off what Luigi looks like whenever he makes contact with a fire flower.

Ness

 * Blue
 * Green
 * Yellow: Ness's popular "bumblebee" outfit.

Jigglypuff

 * Red: Jigglypuff has a red bow.
 * Blue Jigglypuff has a blue bow.
 * Green Jigglypuff has a green bow.

Pikachu

 * Red: Pikachu has a red party hat.
 * Blue Pikachu has a blue party hat.
 * Green Pikachu has a green party hat.

Fox

 * Red
 * Blue
 * Green

Donkey Kong
* Available through Team Battles only. ** Color is exclusive CPU opponents in Single Player mode.
 * Red
 * Blue
 * Green
 * Black