Text Formatting in Latex

Coloring Text

Package Name: xcolor

\usepackage{xcolor}

...

\textcolor{red}{Actual text}
{\color{red}Actual text}

Highlighting Text

Package Name: soul

\usepackage{soul} ... \hl{Actual text}

Modifying highlight format uses both packages: xcolor, soul

\usepackage{xcolor,soul}
\sethlcolor{green}

For custom colors:

\definecolor{mychoice}{rgb}{2,22,2}