This is the 18151st most frequent Russian word.
цветной
"Colored" or "multicolored."
Here, "цветной" is an adjective describing the pencil as having color, implying it is not monochrome.
Это цветной карандаш.
This is a colored pencil.
The word "цветной" here describes the clothing as being colorful, implying it is vibrant and likely multi-colored.
Цветная одежда подходит для праздника.
Colorful clothing is suitable for a celebration.
In this usage, "цветной" modifies "фотографии" to indicate that the photographs are in color as opposed to black and white.