A color LED lamp includes a lamp holder, a heat dissipating module, a light source module, an optical convergence element, and a positioning sleeve. The light source module includes an isolation member. The isolation member is arranged between light-emitting diodes and a light diffusing member. The isolation member is hollow and made of reflecting material, the space inside the isolation member is divided into a number of optical channels along the axial direction by a number of partitions, each of the optical channels corresponds to one group of light-emitting diodes, and allows the light emitted from the group of light-emitting diodes to pass through.