ITF:
Colored belt ranks are defined as follows (from lowest to highest rank):

* white (10th gup)
* white with yellow tag (9th gup)
* yellow (8th gup)
* yellow with green tag (7th gup)
* green (6th gup)
* green with blue tag (5th gup)
* blue (4th gup)
* blue with red tag (3rd gup)
* red (2nd gup)
* red with black tag (1st gup)

Black belt ranks are divided into 'dans' or 'degrees' as follows:

* 1st-3rd dan (Assistant Instructor)
* 4th-6th dan (Instructor)
* 7th-8th dan (Master Instructor)
* 9th dan (Grand Master)

http://en.wikipedia.org/wiki/International_Taekwondo_Federation#Ranks

WTF:

White Belt:

The lack of color signifies purity and innocence. The novice has no knowledge of tae kwon do.
Yellow Belt:

The color of the rising sun. Seeds in the ground begin to germinate and grow. Basic tae kwon do techniques begin to be learned.
Orange Belt:

The color of the rising sun. Seeds in the ground begin to germinate and grow. Basic tae kwon do techniques begin to be learned.
Green Belt:

The color of growing things that all can see. Power begins to develop.
Blue / Purple Belt:

The color of the sky which growing things reach for. Physical and mental power starts to stabilize.
Brown Belt:

The color of the ground where growing things are rooted firmly. Stability of physical and mental power is apparent.
Red / Bodan Belt:

The color of blood, the essential life force. Maturity, honor and respect are exhibited as character begins to perfect.
Black Belt:

Black is the combination of all color. The final stage where technique is mastered within the humble and serene beauty of the plant.

These are also separated by different levels, first, second, third degree belts in each color.

http://www.taekwondo-network.com/tae-kwon-do-belt-system.html

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