Electrowetting electronic paper employs a subtractive color mixing system for color display, which results in a smaller color gamut and potential color distortion. Additionally, it relies on ambient light's diffuse reflection, leading to insufficient brightness. To address these issues, this paper proposes a color space transformation and image adaptive enhancement algorithm for color electrowetting. The algorithm converts the image from the RGB color space to the HSV space, using CLAHE to evenly distribute saturation and improve color performance. The luminance channel is enhanced through guided filtering combined with an improved Retinex algorithm, preserving detail and edge information, and ensuring the electrowetting display maintains realistic visual effects under the same lighting conditions. Experimental results show that the algorithm improves PSNR, SSIM, FSIM, and FSIMc by 19%, 10.8%, 19.19%, and 19.54%, respectively. This algorithm significantly enhances the display performance of electrowetting electronic paper, laying a solid foundation for its commercialization.