A color compensation method is disclosed. In one aspect, the method includes predetermining target color coordinates, measuring luminance and chromaticity from an image displayed on a display panel, and calculating compensation color coordinates by using the target color coordinates and the device color coordinates. The method also includes generating compensation data by using the target color coordinates, the device color coordinates, and the compensation color coordinates, receiving an external video signal, and converting the RGB data of the external video signal into the RGB data of the compensation color coordinates by using the compensation data corresponding to the RGB data of the external video signal. The compensation color coordinates are determined according to the values of the target color coordinates and the device color coordinates.