Politically known as National Republican Association in Paraguay, Colorado Party is a political party of Paraguay which was founded in 1987 by Bernardino Caballero.

The presidential candidate of the Colorado Party had the taste of defeat after 61 years in power, in elections held on April 2008. This defeat saw the rise of some other parties and also a change in the minds of people regarding the party.

The Colorado Party ruled Paraguay from 1887 to 1904, after which the Liberal Party enjoyed the power for some years. In 1946, the Colorado Party joined the Febreristas which is a democratic socialist party of Paraguay and regained power. From 1947 to 1962, the party ruled Paraguay as a one-party state; all other parties were considered as illegal. The constitution of 1962 gave a legal existence to other national parties, and the Communist Party remained illegal. This party was one of the “twin pillars” of Stroessner regime which ruled Paraguay as a repressive one-party state until 1989.

In the legislative elections of 27 April 2003, the Colorado Party won 35 out of 80 seats in the chamber of deputies and 16 out of 45 seats in the Senate, which constituted 35.3% and 32.9% respectively. Nicanor Duarte Frutos was elected as the President of Paraguay, winning 37.1% of the popular votes. The day, 20 April 2008, saw the defeat of the Colorado Party in the presidential elections to a center-left candidate and a Roman Catholic bishop, Fernando Lugo. In the elections, the party was represented by a woman, named Blanca Ovelar.

Afterwards, the party started losing popularity among the people of Paraguay, which helped other parties to step into Paraguayan politics.