The monarch butterfly, Danaus plexippus, is well known for its intimate association with milkweed plants and its incredible multi-generational trans-continental migrations. However, little is known about monarch butterflies' color perception or learning ability, despite the importance of visual information to butterfly behavior in the contexts of nectar foraging, host-plant location and mate recognition. We used both theoretical and experimental approaches to address basic questions about monarch color vision and learning ability. Color space modeling based on the three known spectral classes of photoreceptors present in the eye suggests that monarchs should not be able to discriminate between long wavelength colors without making use of a dark orange lateral filtering pigment distributed heterogeneously in the eye. In the context of nectar foraging, monarchs show strong innate preferences, rapidly learn to associate colors with sugar rewards and learn non-innately preferred colors as quickly and proficiently as they do innately preferred colors. Butterflies also demonstrate asymmetric confusion between specific pairs of colors, which is likely a function of stimulus brightness. Monarchs readily learn to associate a second color with reward, and in general, learning parameters do not vary with temporal sequence of training. In addition, monarchs have true color vision; that is, they can discriminate colors on the basis of wavelength, independent of intensity. Finally, behavioral trials confirm that monarchs do make use of lateral filtering pigments to enhance long-wavelength discrimination. Our results demonstrate that monarchs are proficient and flexible color learners; these capabilities should allow them to respond rapidly to changing nectar availabilities as they travel over migratory routes, across both space and time.