Sometimes Google is your friend! With a simple search you have had your answer from the first result ==> Wookieepedia - Mandalorian armor and go down to the Design section:
As of the Clone Wars, these colors were known to have significance:
Gray= Mourning a Lost Love
Red= Honoring a Father
Black= Justice
Gold= Vengeance
Green= Duty
Blue= Reliability
Orange= A Lust for Life
so boba fett is a guy
mourning the loss of a lover (his wife)
honoring a father
and has a certain lust for life and reliability (dependent on jet-pack but has on his cheeks) and a great sense of duty
awesome
Except his color scheme is the uniform of a Mandalorian Protector, which itself seems to have been taken from the latter-day True Mandalorian movement. Earlier Protectors such as Jaster and the nucleus of his early True Mandalorian group had bare-metal finish armor with contrasting shoulders and knees -- but not a consistent contrasting color. Makes sense given the aims of the True Mandalorians by that point -- duty and vengeance. The visor frames seem to be echoed by the later Grand Army of the Republic (at least at first) -- blue, red, yellow. The primary colors to indicate, quite possibly, apprentice, journeyman, master.
Other people seen wearing the exact same color scheme (with variation in gauntlets, rocketpacks, clan sigils, and helmet deco) include a younger Jango Fett, Silas, many unnamed True Mandalorians, Tobbi Dala, Fenn Shysa, and Spar. And Dala specifically said it was the uniform of a Mandalorian Protector.