Black Smoke
(On a newer vehicle with fuel injection, black exhaust smoke
can be caused by one or more leaky fuel injectors, too much fuel
pressure (sticking fuel pressure regulator), a faulty MAF sensor or
Oxygen sensor, or a engine computer fault. )
Although it can look like the worst, black smoke is usually a sign of a problem that is easily corrected. It means your fuel mixture is too rich, i.e., too much gas or not enough air. Your carburetor may simply need adjusting or you could have a dirty air filter, stuck choke, bad fuel pump, leaky fuel injector or too much fuel pressure.
White Smoke
White smoke usually means you are burning water and antifreeze. It can get into the engine through a leaking head gasket or cracked cylinder head. White smoke sometimes indicates that you are burning transmission fluid due to a faulty vacuum modulator valve on the transmission.
Blue Smoke
Blue smoke means you are burning oil. That can be caused by bad valve stem seals, a worn valve guide, damaged cylinders or damaged rings.