There are many terms which are used to describe colors, and often there is some confusion as to what each of the terms mean. Here I will try to explain some of the most common terms use in color theory.
Hue is somewhat synonymous to what we usually refer to as "colors". Red, green, blue, yellow, and orange are a few examples of different hues. The different hues have different wavelenghts in the spectrum.
The value is a measurement of the brightness of a colour. The brighter a colour is, the higher is its value and the more light it emits. For instance, a vivid yellow is brighter than dark blue, therefore its value is higher than that of the blue. A good way to see the difference in the values of colours is to look at the corresponding greyscale version.
Tint and Shade
These are terms to describe how a color varies from its original hue. If white is added, the lighter version of the color is called a tint of the color. On the other hand, if black is added the, darker version of the color is called a shade of the color.
Saturation can also be called a color's intensity. It is a measurement of how different from pure grey the color is. Saturation is not really a matter of light and dark, but rather how pale or strong the colour is. The saturation of a color is not constant, but it varies depending on the surroundings and what light the color is seen in.