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db<>fiddle
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create table data (description) as (
select 'Color: red to blue (for key value : 1 ,Model : qka, Color: red)' from dual union all
select 'Model: abc1 to abc (for key Model : abc1, Color= red white)' from dual union all
select 'Model: BNM TO BNV, Color: green (for key value : 1, Color: orange, Model : BNM)' from dual union all
select 'Model: ZXC to ZXV(for key value : 1, Color: orange, Model : ZXC)' from dual
)
;
4 rows affected
SELECT REPLACE(REGEXP_SUBSTR(description, 'Color[:=][ A-Za-z]+'), '=', ':') AS result
FROM data

RESULT
Color: red to blue
Color: red white
Color: green
Color: orange