Alternate costume (SSBM)

Super Smash Bros. Melee used the X and Y buttons on the Gamecube controller to change costumes.

Bowser

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Bowser's alternate costumes in SSBM

Bowser's blue costume came from the international artwork for Super Mario Bros.
Bowser's red costume resembles a spiny or red Koopa Troopa. It also resembles Wendy O. Koopa's early in-game sprites.

Captain Falcon

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Captain Falcon's alternate costumes in SSBM

Captain Falcon's red costume is based off his rival Blood Falcon's outfit, even altering the logo on his back.
Captain Falcon's white costume is based off the colors of Jody Summers's outfit.
His black costume possibly came from the Japanese commercial for F-Zero X.
Captain Falcon's green costume is based off the colors of Pico's outfit.

Donkey Kong

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Donkey Kong's alternate costumes in SSBM

Two of his costumes came from Donkey Kong 64's "Monkey Smash".

Dr. Mario

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Dr. Mario's alternate costumes in SSBM

Dr. Mario's green clothes are possibly a reference to Rudy the Clown, Dr. Mario's main rival in the series.

Falco

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Falco's alternate costumes in SSBM

Falco's green outfit is assumed to be what he wore when he was not a member of the Star Fox team.

Fox

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Fox's alternate costumes in SSBM

Fox's red outfit is based off of his costume on the Japanese Star Fox box art.
Fox's green outfit is possibly modeled after his father, James McCloud.

Ganondorf

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Ganondorf's alternate costumes in SSBM

Ganondorf's purple costume possibly represents one of his beast forms' attire.

Ice Climbers

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The Ice Climbers' alternate costumes in SSBM

The Ice Climbers' orange and red costumes will place Nana in the lead, making Popo follow. The voice samples are swapped to match up with the change.

Jigglypuff

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Jigglypuff's alternate costumes in SSBM

Jigglypuff's yellow palette swap is that of a crown, which has the exact same design as Peach's.
Jigglypuff's blue costume is a bow similar to the one from the original Super Smash Bros.

Kirby

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Kirby's alternate costumes in SSBM

Kirby's yellow costume is Keeby. It is also the same as when he is Beam Kirby, sans the hat.
Kirby's red costume is the same as when he is Fire Kirby, sans the hat.
Kirby's blue costume is the same as when he is Ice Kirby, sans the hat.
Kirby's green costume is an homage to his days on the green Game Boy screen.
Kirby's white costume is a reference to his monochrome appearance from the original Kirby's Dream Land for Game Boy. Coincidentally, it is also similar to the colors of Kirby's depiction on the North American box cover of Kirby's Dream Land.

Link

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Link's alternate costumes in SSBM

Link's red costume is based on the the Goron Tunic from The Legend of Zelda: Ocarina of Time.
Link's blue costume is based on the the Zora Tunic from The Legend of Zelda: Ocarina of Time.
Link's violet costume resembles the use of the Blue Ring in The Legend of Zelda, this color would later be used in The Four Swords series.
Link's black costume is a homage to Dark Link. However, unlike the Brawl version, it is only his tunic.

Luigi

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Luigi's alternate costumes in SSBM

Luigi's white costume is a reference to Luigi from Super Mario Bros.
His red costume comes from the game, Wrecking Crew, in which Luigi wears pink.

Mario

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Mario's alternate costumes in SSBM

Mario's yellow costume is based on Wario, the same as his previous yellow costume.
Mario's blue costume is a red/blue reversal of his traditional colors. This is seen as a partial reference to Mario's varying appearances in games prior to Nintendo's officially establishment of Mario's outfit of consisting of a red shirt, blue overalls and red hat. In various earlier games, Mario occasionally also appeared with sometimes a blue hat, red shirt with blue overalls or a red hat, blue shirt with red overalls. Interestingly however, Mario never appeared in any game with the particular combination of a blue hat, blue shirt, with red overalls as it appears here.
Mario's brown and white costume is a reference to Foreman Spike from Wrecking Crew.
Mario's green costume is a color inverse of his traditional colors. Contrary to popular belief it is not a reference to Luigi, however it does coincidentally resemble Luigi's colors from the arcade version of Mario Bros.

Marth

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Marth's alternate costumes in SSBM

Marth's white costume is based on Leaf, the protagonist of Fire Emblem: Thracia 776.

Mewtwo

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Mewtwo's alternate costumes in SSBM

Mewtwo's green costume is its "shiny" variation in from the Pokémon series.
Mewtwo's red and blue costumes resemble his in-game sprite colors for Pokemon Red & Blue (since these games were on the original Game Boy, one color would be used in the games whenever played on the Game Boy Color or Advance. Red and blue were the set colors for the Red and Blue versions respectively).

Mr. Game & Watch

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Mr. Game & Watch's alternate costumes in SSBM

Some of his alternate costumes came from the colored LCD screens.

Ness

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Ness's alternate costumes in SSBM

It is possible his blue costume came from the Devil Machine's eye for the color of Ness's hat.

Peach

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Peach's alternate costumes in SSBM

Peach's yellow costume changes nearly her entire appearance to that of Daisy, including her hair color, hair style, earrings, dress style, gloves, crown and even skin color.
Her blue & green costumes imitates Mario & Luigi's caddies in NES Open Tournament Golf.
Peach's white costume imitates her Nurse Toadstool costume from Dr. Mario. Although Peach always has naked legs in her appearance in many games, she's wearing white tights with this costume, which doesn't happen with the other ones. It also could represent how she appeared in her first appearance in Super Mario Bros.

Pichu

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Pichu's alternate costumes in SSBM

Pichu's green costume gives it a backpack similar to the one worn various Pokémon Trainers in Pokémon games.
Pichu's blue costume gives it goggles similar to the "Swimmer" class of the Pokémon series.

Pikachu

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Pikachu's alternate costumes in SSBM

Pikachu's red costume has it wearing the hat of Red, the protagonist of the original Pokémon installment. It's also based on a "shiny" Pikachu.
Pikachu's blue costume is a party hat similar to the one from the original Super Smash Bros.

Roy

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Roy's alternate costumes in SSBM

Roy's red, blue and green costume came from the colored units from Fire Emblem.

Samus

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Samus's alternate costumes in SSBM

Samus's default costume is her Varia Suit.
Samus's pink costume is based off the appearance of the Varia Suit when missiles are selected in the original NES Metroid game.
Samus's green costume is based off the appearance of the Power Suit in Super Metroid.
Samus' purple costume is based on the Gravity Suit from Metroid Prime & subsequent games after.

Yoshi

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Yoshi's alternate costumes in SSBM

All of Yoshi's costumes appear as different variations of the Yoshi species in many of his games, such as Yoshi's Story and Super Mario World.

Young Link

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Young Link's alternate costumes in SSBM

All of Young Link's colors are exactly the same as Link's, except ordered differently.

Zelda

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Zelda's alternate costumes in SSBM

Zelda's red costume resembles her first appearance in Legend of Zelda
Zelda's white costume resembles her appearance in The Legend of Zelda: A Link to the Past.