Is grey a color or is it gray?

Both grey and gray are colors, they are two different spellings of same color between black and white, not two different colors. Grey and gray refer to identical shade, achromatic color produced by mixing black and white, with many shades from light silver to dark charcoal. Grey is British English spelling used in UK, Commonwealth countries including India, Australia, Canada, while gray is American English spelling used in United States. Both are correct and mean same thing, pronunciation is identical /ɡreɪ/. In color theory, grey is considered neutral color. In HTML color codes, both spellings are recognized and produce same color, though official code uses gray. Crayola uses gray in US market. So grey is a color and gray is same color, just different spelling conventions. For example, grey car and gray car are same color car. Neither is more correct globally, choice depends on regional English taught, in India British spelling grey is taught in schools, so grey is expected, but gray is understood. Some people think grey and gray are different shades, but they are not, they are same. In technical contexts like paint, you may see both spellings for same shade. So answer, both grey and gray are colors, they are same color with two spellings, like color and colour are same word with different spelling.