The Colony meteorite is an accretionary breccia containing several millimeter‐to centimeter‐size chondritic clasts embedded in a chondritic host. Colony is one of the least equilibrated CO3 chondrites; it has an unrecrystallized texture and contains compositionally heterogeneous olivine and low‐Ca pyroxene, kamacite with low Ni and Co and high Cr, amoeboid inclusions with low FeO and MnO, a fine‐grained silicate matrix with very high FeO, and numerous small chondrules with clear pink glass. However, Colony differs from normal CO chondrites in several respects: Although Al, Sc, V, Cr, Ir, Fe, Au and Ga abundances are consistent with a CO chondrite classification, certain lithophiles (Mg and Mn), siderophiles (Ni and Co) and chalcophiles (Se and Zn) are depleted by factors of 10–40%. The shape of Colony's thermoluminescence (TL) glow curve is similar to that of Allan Hills A77307 (another unequilibrated chondrite with CO3 petrological characteristics) and different from those of normal CO chondrites. [ALHA77307 also resembles Colony in having low Mg, Mn, Ni and Co, compared to normal CO chondrites, but it possesses CO‐CV levels of Se and Zn and nearly CV levels of Cd.] Colony is badly weathered; it contains 22.7 wt.% Fe2O3 and 5.7 wt.% H2O. Recalculating the analysis on an H2O‐free basis with all Fe2O3, NiO and CoO converted to metal, yields an inferred original metallic Fe, Ni abundance of ∼ 19 wt.%. This is similar to that of Kainsaz (an unweathered CO3 fall), but much higher than that of all other CO3 chondrites (< 6.3 wt.%). Although it is possible that Colony and either ALHA77307 or Kainsaz constitute distinct CO3 chemical subgroups, the weathered nature of Colony and ALHA77307 preclude the drawing of firm conclusions. Nevertheless, it is clear that CO3 chondrites vary more in compositional and petrological properties than was previously recognized.