No, most fish see colors. That’s why artificial lures are often brightly colored. Some fish , primarily those who live so deep there’s no light, cannot see colors.
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According to an article published by Mepps ® fish do not have an innate desire for any particular color. However, some colors under various water and light conditions are more easily seen, which makes color a critical factor for some fish. Migrating fish like Shad or Salmon have eye receptors readily adapted to see green in the ocean and red during spawning, but will strike spinners and lures of any color if they can be seen. So color can and often is a prime mechanism for determining how spinners and lures will contrast with their background. In other words, color can make spinners and lures easily seen, or can camouflage the same spinners and lures making them.

Another function of color on any spinner or lure is to give degrees of brightness. As a fishes metabolism changes with water temperature, spinner and lure brightness becomes critical in attracting fish. Bright lures for cold sluggish fish and toned down lures for fully active fish. During a recent research project, observations gave credence to the idea that brightness may be just as important or maybe more so than color.
courtesy of Fish Tackler

The actual quality of vision depends on the species- some are built to focus far ahead, and others (like neon tetras) have better Peripheral vision. However, according to the Manual of Fish Health (2003 edition), “Detailed examination of the eye structure suggests that fish see the world in the same way as we do- in glorious ‘technicolour.’”
Experiments on certain fish (such as giving a food reward when swimming to a blue triangle instead of a yellow triangle) do suggest that most fish are not colorblind.
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Only a qujick poll Crasny

Most predatory fish have cones that allow them to distinguish colors. Some even have four to five different cones. Incredibly, this means they can see colors we cannot even imagine. Reasons for this increased ability to see a whole new range of colors is still an issue for marine biologists and scientists. It may help identify food or it may have something to do with mating. The jury is still out on this.

Cheers

Neels

definitely contrast is the key!  I studied freshwater ecology in uni back in the states.  One of the things we studied was fishy camo.  Most fish are darker on top and lighter on the bottom.  That way they blend with the light when viewed from below, and with the dark when viewed from above.

This also explains part of the reason predators have such an easy time picking out sick/injured fish.  In our studies we would trim the fins of a few baitfish in a school. These fish could not maintain their balance; swimming sideways or upside down.  This made the contrast obvious for preds and they were struck immediately.  

I think this explains why bright colours work best at night or other low-light conditions.

All that being said...there is NO DOUBT that lures are often designed to catch fishermen eyes...not necessarily the fish's.

good question!

A really interesting question Crasny1 with informative answers.

HiYa,

I was watching the last half hour of a doco on SBS the other night and some expert in human vision has suggested that the world is actually in shades of grey and that colours only exist in our brains and that we only see colour because of specific wave movements of the object we are seeing.  My initial reaction was what a load of horse sh.. but then began to wonder whether it might actually be true.

Still Not convinced though as it seems more than just a little incredible that everyone would see exactly the same colour when looking at something.  Why wouldn't our brains see them as slightly different?

Hmmm, something to cogitate over.

Cheers.

But interesting. From memory some animals, birds and probably fish, use light reflection to create colouring. But then again, my memory isn't the best (Lol).