How to change the color of a property in CMFCPropertyGridCtrl

How can I change color of a property(single property among all other properties) in CMFCPropertyGridCtrl?

You need to derive a class from the CMFCPropertyGridCtrl class, and override the CMFCPropertyGridCtrl::OnDrawProperty method. This allows you to change the device context to your liking prior to calling the default implementation:

class CMFCMyPropertyGridCtrl : public CMFCPropertyGridCtrl {

public:
    virtual int OnDrawProperty( CDC * pDC, CMFCPropertyGridProperty* pProp ) const {
        // Implement check to see, if this is the property we are looking for
        // If it is, set an appropriate text color
        pDC->SetTextColor( RGB( 0xff, 0x0, 0xff ) );

        // Call the default implementation to perform rendering
        return CMFCPropertyGridCtrl::OnDrawProperty( pDC, pProp );
    }
};