Does color affect temperature?The darker the color, the more heat will be retained?

The colour of an object affects the rate at which radiated heat is absorbed and released from the object. This in turn affects the rate at which temperature of an object increases or falls under similar conditions.

Objects that are dark absorb more of heat and light radiations, and reflect back less of it. Such object also loose heat through radiation faster when their temperature is more than their surroundings. In contrast, light coloured objectives do not absorb or or loose heat fast. Therefore,temperature of dark coloured objects rises faster, as compared to light coloured objects, when subjected to  heat and light radiations. Also, temperature of dark coloured objects, when placed in an environment with lower temperature, falls faster than that of light colour objects in same condition. Black colour is best for absorbing and releasing heat radiation, and therefore heats up and cools down fastest. White colour is the slowest in absorbing and releasing heat radiations, and therefore takes comparatively longer to heat up and cool down.