HSV, also known as HSB, is a way of specifying colors. It is similar to RGB, but instead of stating how much red, green, and blue is in the color, it states the hue, saturation, and value of the color.
Hue, Saturation, and Value Edit
Hue is the color of the color- red, green, blue, yellow, etc.
Saturation is how much pigmentation is in the color.
Value, also known as brightness or lightness, is how dark a color is.