1.
pink, peach-colored
A soft pink color reminiscent of peach blossoms. One of the traditional Japanese color names.
2.
romantic, amorous
Used figuratively to describe matters related to love, romance, or sexual affairs. Similar to English 'rosy' in the romantic sense.
Usage
As a color term, 桃色 is a traditional Japanese color name referring to a soft pink. In modern usage, ピンク is more commonly used for the color pink in everyday conversation, while 桃色 retains a more traditional or literary feel.
The figurative sense — romantic or amorous — appears in set phrases like 桃色の噂 (romantic rumor) and 桃色スキャンダル (love scandal). This usage is somewhat old-fashioned but still understood.