As a matter of fact, there is!
Start by selecting the object you want to animate (pink), and click on the timeline to select first keyframe you'd like to animate (green). You will need at least 2 keyframes.
Move to Properties > Material and click on the words "Default Color" — you'll notice the font color change from grey to red, that confirms what is happening at that keyframe. In this case, I'm saying "at keyframe 1 the color is #b0b0b0".
Next, select the second keyframe (white) and color you want to change it to (green) and once again click on the words "Default Color". In this case, I'm saying "at frame 60 the color is #00b6ff".
Click on the "Rewind" button (red) and click "Play".
You'll notice that when the animation is between your two key frames (yellow) that the "Default Color" text is green, that is because the keyframe colors are not set, rather they are interpolated between the two keyframes you set (green).
All the best,
Kiefer from Exocortex