Color fundus photographs are the most common type of image used for automatic diagnosis of retinal diseases and abnormalities. As all color photographs, these images contain information about three primary colors, i.e., red, green, and blue, in three separate color channels. This work aims to understand the impact of each channel in the automatic diagnosis of retinal diseases and abnormalities. To this end, the existing works are surveyed extensively to explore which color channel is used most commonly for automatically detecting four leading causes of blindness and one retinal abnormality along with segmenting three retinal landmarks. From this survey, it is clear that all channels together are typically used for neural network-based systems, whereas for non-neural network-based systems, the green channel is most commonly used. However, from the previous works, no conclusion can be drawn regarding the importance of the different channels. Therefore, systematic experiments are conducted to analyse this. A well-known U-shaped deep neural network (U-Net) is used to investigate which color channel is best for segmenting one retinal abnormality and three retinal landmarks.