Colorful friendship is a kind of relationship where there is sexual interaction or intent between those involved, but that doesn't mean they're friends. The difference between colorful friendship and traditional friendship is the physical intimacy that is part of the relationship, not implying commitment to the partner.
The translation of colorful friendship to English is friends with benefits, whose literal translation is "friends with benefits".
The colorful friendship has the characteristics of an official courtship, with kisses, hugs, intimate caresses, etc., but there are not the same obligations, such as fidelity, for example.
It appears at any time, whether with a childhood friend, who starts to be seen in a different way, or with a person who met at a party and would like to meet again, but without commitment.
It can happen that one of them (or even both), falls in love and wants to take the relationship to something more serious. The consequences can be the end of the relationship or the beginning of a relationship, when this is the desire of both parties.
There is a movie based on a colorful friendship, titled “Colorful Friendship”, originally titled “Friends With Benefits”, that was released in 2011. The film presents a couple of friends who live a friendship based on a pact between them: satisfy their sexual needs, without getting emotionally involved.