Updated: Mar 2, 2020
Firstly you have to understand the difference between Colour Correction and Colour Grading they are similar in their process but different in how and when they are used.
Colour correction is a singular process that involves making adjustments to an image to “correct” any deviations from its standard appearance. It is a quick process of equalizing the tint, brightness, contrast, and saturation of a video image so it has a normal look. Color correction brings everything back to basics. So a face that is too blueish becomes normal, an office scene that looks greenish because of the fluorescent lights is "corrected", a shot that is too dark is brightened up.
Colour correction can be used to cover mistakes made with camera settings as well as to pull more information from flat-profiles.
Colour Grading is a multi-process that can change the visual tone of an entire film. Once your footage is corrected, you can work to change the thematics and aesthetics. Here the image is treated to create "a look". So maybe it is made more contrasty, more pastel, darker or brighter.
The real power of a grade is that portions of the image can be adjusted separately. So a shape can be made in the image and only that area can be adjusted or only a specific brightness, (blacks, greys, highlights). Maybe the entire frame is black and white but there is a Red Apple on the table.
Colour grading is considered a more “high-end” process than color correction. If you are looking to create a more detailed shot for specific genres then this is your guy this is where you give the suggestion of mood and emotion. But be prepared for more labor-intensive editing and longer render times.
For further clarification check out the link below.