The story unfolds in the city of Varanasi, India where Chhoti, a nine-year-old tightrope walker and flower seller, dreams of saving 300 rupees ($4), so that she can attend school. She faces a daily struggle for survival along with her best friend Chintu. Chhoti befriends Noor, a white-clad widow who suffers a life of total abstinence and is prohibited from taking part in any festivities, especially Holi, the Indian festival of colors. Over time, Choti and Noor's friendship gets stronger and breaks the barriers of caste system.
Noor encourages the brave little girl to face life by "flying high" with courage, education and dignity. She shares her fondest, but closely kept childhood memories of playing with colors. Chhoti promises Noor that, this Holi, she will splash colors on her. But on Holi's eve, Noor passes away, and during a sweep, Chhoti is imprisoned by the corrupt police, led by Raja. Will Chhoti be able to keep her promise made to Noor?
Twenty-four years later, Chhoti becomes an advocate and fights for societal reforms that would bring about rehabilitation of both street children and widows. The Last Color is a story of promises kept and promises broken, a friendship that knows no bounds, and the freedom and victory of the human spirit.