The color space conversion employs a significant function in preprocessing phase of digital image processing. Color conversion can improve the quality of images. The color space conversion is used in various applications such as commercial, multimedia, computer vision, visual tracking systems etc. The objective is to convert one color space to another and the inverse of same. Various color space conversions are used such as RGB←→HSV, RGB←→HSI and RGB←→HSL. The conversion process can be done using color space conversion algorithm. The hardware realization of color space conversion models can be implemented by using Xilinx System Generator (XSG) is implemented on Field Programmable Gate Array (FPGA) Spartan-6 XC6SLX16 Family. Finally, the above color space conversion models are implemented in real time and then tabulated in terms of percentage resources utilization and power report of various color space models. By means of color conversion the efficiency and speed are increased.