Colaba ([koˈlaːbaː]) is a part of the city of Mumbai, India, and also a Lok Sabha constituency. During Portuguese rule in the 16th century, the island was known as Candil. After the British took over the island in the late 17th century, it was known as Colio.

The name Colaba, comes from Kolabhat, a word in the language of Kolis, the indigenous inhabitants of the islands, before the arrival of Portuguese. The area that is now Colaba was originally a region consisting of two islands: Colaba and Little Colaba (or Old Woman's Island). The island of Colaba was one of the Seven islands of Bombay ruled by the Portuguese.

The Portuguese had acquired these lands from the Sultanate of Cambay by the Treaty of Bassein (1534). The group of islands was gifted by Portugal to Charles II of England as dowry when he married Catherine of Braganza. The cession of Bombay and dependencies was strongly resented by Portuguese officials in Goa and Bombay, who resisted transfer of possession for several years, while the English representatives were confined to the island of Anjediva while negotiations continued. Angered by the backtracking, Charles II leased these lands to the British East India Company for a nominal annual rent. Gerald Aungier, second Governor of Bombay (1672), and the president of the English settlement of Surat, took possession of Colaba and Old Woman's Island on behalf of the Company in 1675.