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Colaba is part of the city of mumbai, It is one of the four peninsulas of Mumbai while the other three are Worli, Bandra and Malabar Hill. The name Colaba comes from Kolabhat, a word in the language of Kolis, the indigenous inhabitants of the islands, before the arrival of the Portuguese. The area that is now Colaba was originally a region consisting of two islands: Colaba and Little Colaba (or Old Woman's Island). The island of Colaba was one of the Seven Islands of Mumbai ruled by the Portuguese.

The Seven Islands of Bombay were 16th-century Portuguese colonial possessions lying off the Konkan region by the mid-west coast of India. Name of seven islands are .. Colaba, Old Women's Island (Little Colaba), Bombay, Mazgaon, Worli, Parel, Mahim.

By 1845, the islands had been merged into one landmass by means of multiple land reclamation projects. The resulting island of Bombay was later merged with the nearby islands of Trombay and Salsette that lay to its north-east and north respectively to form Greater Bombay. These islands now constitute the southern part of the city of Bombay (Mumbai).