An electronic device is provided. The electronic device includes a storage configured to store information about a plurality of color assignment areas included in an image editing tool displayed on a screen of the electronic device, a display configured to display the image editing tool including the plurality of color assignment areas on the screen of the electronic device, and a controller configured to run a preset application installed in the electronic device in response to an input related to color extraction, and display a color selected in at least one area of an execution screen of the application in the color assignment areas of the image editing tool.