A system and method for managing memory for color transforms. Color input data representing a colorized electronic document is first received by a color management module and analyzed. The color transformations required to complete processing of the color document is then determined. A plurality of lookup tables are then generated in system memory in accordance with the determined color transformations specified by the analysis of the color input data. A counter, corresponding to a lookup table for each request for a related color transform is then selectively incremented and decremented, based upon the output and determinations of the color management module. The color management module then selectively clears a lookup tables in the associated system memory when a corresponding counter value has been decremented to a selected level.