In 1928, Colbert married Norman Foster, an actor and director, who appeared with Colbert in the Broadway show The Barker. However, she and her first husband lived apart, never sharing a home together in Hollywood. They divorced in 1935, and in December of that year, Colbert married Dr. Joel Pressman, a surgeon at UCLA. The marriage lasted 33 years, until Pressman's death of liver cancer in 1968.

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For years, Colbert divided her time between her apartment in Manhattan and her summer home in Speightstown, Barbados. After suffering a series of strokes in 1993, she remained in her Barbados home, Belle-rive, where she died on July 30, 1996, at age 92. She was buried in the Parish of St. Peter Cemetery in Barbados. Colbert left no immediate family.

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After signing a five-year contract with the producer Al Woods, Colbert played ingenue roles on Broadway from 1925 through 1929. During her early years on stage, she fought against being typecast as a maid, and received critical acclaim on Broadway in the production of The Barker (1927), playing a carnival snake charmer, a role she reprised for the play's run in London's West End.

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