VALUE defines how light or dark a given color or hue can be. Values are best understood when visualized as a scale or gradient, from dark to light. The more tonal variants in an image, the lower the contrast. When shades of similar value are used together, they also create a low contrast image. nytimes.com

COLOR is the element of art that is produced when light, striking an object, is reflected back to the eye: that's the objective definition. But in art design, color has a slew of attributes which are primarily subjective. thoughtco.com