Exemplary embodiments of a thermoplastic polyolefin membrane are provided. The colored TPO membrane can have a cap layer having a top color layer and a white sub-layer having a solar reflectance underneath the top color layer, and a core layer underneath the cap layer. The colored TPO roofing membrane can have a reinforcing polyester scrim between the cap layer and the core layer. The white sub-layer can be made up of one or more layers.