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Why study color theory?
If you are involved in the creation or design of visual documents, an understanding of color will help when incorporating it into your own designs. 
Choices regarding color often seem rather mystical, as many seem to base 
decisions on nothing other than "it looks right." Although often told I had an eye for color, the reason why some colors worked together while others did not, always intrigued me, and I found the study of color theory fascinating.
While in school I enrolled in almost every course I could from different departments - graphic design, interior design, and fine arts. Finally, I presented my architectural thesis on color theory & how its use applies to 3D environments.
During my studies, I learned that there were 2 main reasons why scholars investigated color. The first involved the communication of colors, the other involved the application of color.
What is red?
Candy apple red, blood red, catsup red, rose red... to try and communicate a specific hue is difficult without some sort of coding system. Early in the 1900's, Albert Munsell, a professor at an art school in Boston developed a color system which offered a means to name colors.
With a published system, people could be specific about which red they were referring to. Munsell's system has been reworked for today's use with the Pantone color system, TRUEMATCH or CIE systems and others.
With respect to the arts, color was part of the realistic, visual representation of form. But one group of painters abandoned the traditional practices regarding color in painting. This group of artists were influenced by Cezanne, Van Gogh, and Gauguin. Led by Henri Matisse, they were known as the Fauves, or "the wild beasts." Their exuberant use of brilliant hues seem to disregard imitative color.
Whereas other artists had used color as the description of an object, the Fauves let color become the subject of their painting. A painting in the "Fauvist Manner" was one that related color shapes, rather than unifying a design with line.
Compositions sought an expressiveness within the relationships of the whole. This turn from tradition brought an integrity to color in that color was regarded on its own merit, and is evident in Matisse's cutout explorations.
Still, In many ways, the successful use of color was thought best to be left to the masters. Josef Albers, a professor at Yale, stated that color was thought of as the most relative medium in art - and not to be taught, but used only if granted the god-giving talent.
It wasn't until the late 1950's to the early 60's, that someone finally broke away from thought that the use of color could not be taught. Johannes Itten developed a system for successful color combinations.
*Hopefully you will see that the successful use of color is not at all mystical, and that by understanding a few things about color, it is possible to incorporate into designs with a confidence based on tested concepts and methods.
