Colley was born in London and visited South Australia in the 1830s, then emigrated with his family on the Competitor, arriving in October 1847.
He was an agent for the European Life Assurance Society and Secretary of the Kadina and Wallaroo Railway Company.
He served a City Auditor, Government liquidator, Justice of the Peace, and Returning Officer for the Assembly seat of West Torrens.
He was for a time owner of Section 4014, Hundred of Onkaparinga, known as Gilleston, adjoining Balhannah, and later incorporated into that town.
Richard B. Colley (1819–1875) married Isabella Daniels (1821 – 7 June 1897); their children included four daughters and four sons: The noted Primitive Methodist Rev.