The invention discloses a color adjusting driver for an LED (Light-Emitting Diode) lamp. A time division multiplexing (TDM) control module is used for dividing light source module control signals corresponding to three colors in the aspect of time so as to make one light source module control signal at most is at high level at any one moment, one path of a power output module at most outputs driving voltage or current so as to drive a corresponding light source module to emit light, so that electric energy supplied by a power converter is sequentially distributed to different branches for use in different time segments, the problem of overload of the power converter, caused by overlaid power peak values, does not exist, and thus, the power configuration of the power converter can be reduced to be 1/3 of that of the prior art. The power of the power converter is reduced, subsequently, the size and the weight of the power converter are both reduced, and thus, the cost of the LED lamp is saved.