Color is critical. The majority of check engine lights illuminate in two colors, either red or yellow/orange. While both are important, a non-flashing red light typically alerts a driver that the car needs immediate attention. Furthermore, a red light could mean that there is a malfunction that is potentially unsafe to the passengers of your vehicle. A red light signifies that you should move your vehicle to a safe place as soon as possible and turn off the ignition. Typically, these situations require your vehicle to be towed to a vehicle repair shop or dealership for an immediate analysis. A yellow light is an indicator that should alert you to investigate the problem. Some check engine lights will flash either yellow or red depending on the make and model of your vehicle. Check your vehicle manual for specific guidelines for your car.
I took this info from another website. A lot of people aren't aware of a 2 color check engine light. If it's yellow, it's usually emissions related.