Color Wheel:

Monochromatic: Choosing one color and playing with every variation of it. Working with the tints, tones and shades of that specific color to reach a modern and sophisticated look. This can be a tricky task to take on so be sure to really research what color you want and what you want to accomplish with it.

Ex: Blue

Analogous: This color scheme uses three colors that are adjacent on the color wheel. This creates a simple elegant design that really meshes well with whatever look you are going for. These colors compliment each other well so it is an easy but classic theme to choose for a room. The best way to use an analogous color scheme is to pick out a main color and use the other colors as accents.

Ex: Red, Orange & Yellow

Complementary: This is a high contrast combination of two colors opposite of each other on the color wheel. This is a bold statement to make in a room and is a great scheme if you really want to make a certain element of your room stick out. To best achieve this look without it being too overbearing you want to pick one dominant color as the background and the other color as a complementary color.

Ex: Red & Green

Split Complementary: For this you will use a base color and the two colors adjacent  to it on the wheel. While using this scheme you also want to add in neutrals throughout to break up the visual stimulation of the colors. This is a good scheme if you want to make a statement but are unsure of how exactly to do so.

Ex: Purple, Blue & Yellow

Triadic: This uses three colors that are evenly spaced around the color wheel. This ends up being a very bright look with high contrast and a good balance. Again, you want to let one color dominate over the other two to create the perfect blend.

Ex: Purple, Orange & Green

Tetradic: This theme uses four colors spread equally around the wheel. This is the most daring scheme to attempt because it is said to be quite difficult. It is also sometimes called “double complimentary” because you end up with two pairs of complementary colors. When using the tetradic theme be sure to use one dominant and the other three equally to create a balanced look.

Ex: Blue, Violet, Yellow & Green

Source:

http://www.decorlove.com/how-to-choose-a-color-scheme-the-basics-of-color-coordination/