Color correction / grading is a necessary step in contemporary digital filmmaking, particularly with any footage shot in a Log or RAW format. Color correction is a technical process that fixes color issues and makes footage appear as naturalistic as possible.
While color grading is technical, it is more of a creative concern. The color grading process adds atmosphere and emotion to shots by coloring footage in new, often unusual ways.
Color grading can be accomplished in any non-linear editing software, such as Premiere. Often projects are brought into software specifically made for color work, such as Davinci Resolve. For questions or to help getting started with color grading, come by the DEP Helpdesk in E46 during open hours. There are also classes that teach color grading in depth.