RGB is the color model used for light-based devices like computer monitors while CMYK is used for printed materials. RGB uses additive color by combining red, green, and blue light, while CMYK uses subtractive color by combining cyan, magenta, yellow, and black pigments. Hexadecimal codes are used to represent the intensity of each RGB color value from 00 to FF. Common color spaces include RGB, CMYK, and Pantone which uses proprietary spot colors. Understanding color theory involves concepts like hue, saturation and color psychology. Accessible color use ensures sufficient contrast between colors.