Photoshop Tutorials - Color Balance. Replace Color
Replace Color command brings up the dialog window that you can use to select the image areas of the same color (like Color Range command) and then replace them with any other color.
But the mask that this command creates cannot be transformed to a selection (unlike the Color Range command). Once the window is closed, the mask is lost.
In the Selection field of the Replace Color dialog window, there is a preview window and the Fuzziness slider that sets the range of the colors included into the color replacement area.
The Selection and Image radio buttons determine how the image is shown in the preview.
When Selection is enabled masked area is displayed in black, the area with the color selected for replacement is in white and partly masked areas are displayed in grey. When Image is enabled the selected area or the whole image are displayed in full-color mode.
There are several ways to select the color range to be replaced. You can use the Eyedropper for that. Eyedropper icon allows you to select the initial color that will be replaced, the eyedropper with the plus sign allows you to add other colors that you also want to replace and the eyedropper with the minus sign allows removing any previously selected color.
You can add or remove the colors by clicking on the image with the eyedropper or by clicking with Shift and Alf pressed respectively.
After the areas to be replaced are selected, you can move on to selecting the color you want to replace them with. To do so you can apply the Hue, Saturation and Lightness sliders of the Transform field.