In computer vision and image processing, color space refers to a specific way of organizing colors. A color space is actually a combination of two things: a color model and a mapping function. The reason we want color models is because it helps us in representing pixel values using tuples. The mapping function maps the color model to the set of all possible colors that can be represented.
There are many different color spaces that are useful. Some of the more popular color spaces are RGB, YUV, HSV, Lab, and so on. Different color spaces provide different advantages. We just need to pick the color space that's right for the given problem. Let's take a couple of color spaces and see what information they provide: