In this paper, we proposed an algorithm to improve the robustness and transparency for color image watermarking with YCbCr color space. In order to improve the robustness, we integrate Discrete Wavelet Transform (DWT), Discrete Cosine Transform (DCT) and Noise Visibility Function (NVF). Besides, the transparency of watermark was improved by embedding the watermark in the mid-high frequency range. Several watermarked color images with the proposed algorithm were tested against the attacks of compression, blur, sharpen and brightness. The experimental results show that the proposed algorithm of encryption for color image watermark is available for protecting the intellectual property of color image.