Palette Swap (Super Smash Bros.)

In Super Smash Bros., each character had one costume for each of the C-buttons, meaning every character had at least four costumes.

Captain Falcon

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

Donkey Kong
The Dark Brown DK Outfit is Chunky Kong's Outfit
 * Red
 * Blue
 * Green*: is the only Donkey Kong costume to date to change his face colour
 * Black

Fox

 * Red: Fox's Star Fox outfit on the Japanese box art.
 * Blue
 * Green

Jigglypuff

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

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:* Homage to the days when Kirby was on the Game Boy screen, which was green. Also resembles Plasma Kirby, sans the hat.

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.
 * Violet: Based off the Blue Ring Tunic from the original The Legend of Zelda.

Luigi

 * Red: Luigi's Wrecking Crew costume, in which Luigi wears pink.
 * Blue
 * White: Based off Luigi's appearance in Super Mario Bros.

Mario

 * Yellow: Based on the yellow-and-purple outfit of his rival, Wario, who is later added to the roster of brawl.
 * 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 box art.

Ness

 * Blue: It is possible his blue costume came from the Devil Machine's eye for the color of Ness's hat.
 * Green
 * Yellow: Ness's popular "bumblebee" outfit.

Pikachu

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

Samus Aran

 * Pink: Based off the appearance of the Varia Suit when missiles are selected in the original NES Metroid game.
 * Green Based off the appearance of the Power Suit in Super Metroid, which had a greenish hue.
 * Brown
 * Blue* Based off of the Gravity Suit.

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**

* Available through Team Battles only. ** Color is exclusive to CPU opponents in Single Player mode.