We show how the observed bimodality in the color distribution of galaxies can be explained in the framework of the hierarchical clustering picture in terms of the interplay between the properties of the merging histories and the feedback/star formation processes in the progenitors of local galaxies. Using a semianalytic model of hierarchical galaxy formation, we compute the color distributions of galaxies with different luminosities and compare them with the observations. Our fiducial model matches the fundamental properties of the observed distributions, namely: (1) the distribution of objects brighter than M_r -18 is clearly bimodal, with a fraction of red objects increasing with luminosity; (2) for objects brighter than M_r -21, the color distribution is dominated by red objects with color u - r ≈ 2.2-2.4; (3) the spread on the distribution of the red population is smaller than that of the blue population; (4) the fraction of red galaxies is larger in denser environments, even for low-luminosity objects; and (5) the bimodality in the distribution persists up to z ≈ 1.5. We discuss the role of the different physical processes included in the model in producing the above results.