Alternate costume (SSB)

In Super Smash Bros., each character had at least four costumes, one for each of the costume-changing C buttons. Some characters had an extra costume (or two) to accomodate for Team Battles if their four costumes lacked a red, blue, or green variation; these costumes cannot be selected outside of Team Battle since there are only four C buttons.

Captain Falcon

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Captain Falcon's palette swaps in SSB

Captain Falcon is the only character to have six different playable color swaps, even though two of them (blue and green) can only be accessed during a Team Battle.

Purple (default)
Black: Resembles Captain Falcon in the Japanese commercial for F-Zero X.
Red: Based on the appearance of his rival, Blood Falcon.
White: The same colors as Jody Summers's outfit.
Green*: The same colors as Pico's vehicle, the Wild Goose.
Blue*: An alternate, brighter version of his standard colors.

Donkey Kong

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Donkey Kong's palette swaps in SSB

Brown (default)
Black: Based on the appearance of an actual gorilla. It could also be based on Chunky Kong.
Red: Possibly based on his sprite in the original Donkey Kong.
Blue
Green*: The only Donkey Kong costume to date to change his face colour.

Fox

File:Alt-fox.jpg

Fox's palette swaps in SSB

White (default)
Red: Fox's Star Fox outfit on the Japanese box art.
Blue
Green: Similar to his father James McCloud's outfit.

Jigglypuff

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Jigglypuff's palette swaps in SSB

Pink (default)
Red
Blue
Green

Kirby

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Kirby's palette swaps in SSB

Pink (default)
Yellow: The same as Keeby. It is also similar to his colors scheme when he is Beam Kirby, sans the hat.
Red: The same as when he is Fire Kirby, sans the hat. Also, this is Kirby's only color change in the original that is not in the multiplayer mode in Kirby 64.
Blue: The same as when he is Ice Kirby, sans the hat.
Green*: Homage to the days when Kirby was on the Game Boy screen, which was green. Also similar to Plasma Kirby (sans hat).

Link

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Link's palette swaps in SSB

Green (default)
Red: Based off the Goron Tunic from The Legend of Zelda: Ocarina of Time.
Blue: Based off the Zora Tunic from The Legend of Zelda: Ocarina of Time.
Light Purple: Based off the Blue Ring Tunic from the original The Legend of Zelda.

Luigi

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Luigi's palette swaps in SSB

Green (default)
White: Based off Luigi's appearance in Super Mario Bros.
Blue: Based on Mario's appearance on the cover of the NES version of Mario Bros.
Red: Luigi's Wrecking Crew costume, in which he wears pink.

Mario

File:Alt-mario.jpg

Mario's palette swaps in SSB

Red (default)
Yellow: Based on the yellow-and-purple outfit of his rival, Wario.
Brown: A reference to Foreman Spike from Wrecking Crew.
Blue: 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. However, this particular combination of a blue hat, blue shirt, with red overalls was never used in any Mario game, but it does resemble the appearance of the Balloon Fighter.
Green*: The 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 box art. Also appears as part of the flashing animation from a Starman in Super Mario Bros.

Ness

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Ness's palette swaps in SSB

Red (default)
Yellow
Blue: Is based off of Ness's younger self that he encounters briefly in EarthBound, who was wearing a blue hat. Some also consider this outfit to be a reference to EarthBound's final battle against Giygas, where a reflection of Ness's face wearing a blue-purple hat appeared in the Devil's Machine.
Green