-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 U/V4YykrNKTkUUFLq2qrBU3lzy4yH2N5ByftlhtvIbqxuBoWHx8zMbpCcUFsNyaC
 0kY8tKVrupWERr5uZSd+Gw==

<SEC-DOCUMENT>0001123292-10-000843.txt : 20101221
<SEC-HEADER>0001123292-10-000843.hdr.sgml : 20101221
<ACCEPTANCE-DATETIME>20101221115445
ACCESSION NUMBER:		0001123292-10-000843
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20101110
FILED AS OF DATE:		20101221
DATE AS OF CHANGE:		20101221

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			PARKER GEORGE GC
		CENTRAL INDEX KEY:			0001190294

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-34456
		FILM NUMBER:		101264767

	MAIL ADDRESS:	
		STREET 1:		280 MAPACHE DRIVE
		CITY:			PORTOLA VALLEY
		STATE:			CA
		ZIP:			94028

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Colony Financial, Inc.
		CENTRAL INDEX KEY:			0001467076
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				270419483
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		C/O COLONY FINANCIAL, INC.
		STREET 2:		2450 BROADWAY, 6TH FLOOR
		CITY:			SANTA MONICA
		STATE:			CA
		ZIP:			90404
		BUSINESS PHONE:		310-282-8820

	MAIL ADDRESS:	
		STREET 1:		C/O COLONY FINANCIAL, INC.
		STREET 2:		2450 BROADWAY, 6TH FLOOR
		CITY:			SANTA MONICA
		STATE:			CA
		ZIP:			90404
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>edgar.xml
<DESCRIPTION>PRIMARY DOCUMENT
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0303</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2010-11-10</periodOfReport>

    <issuer>
        <issuerCik>0001467076</issuerCik>
        <issuerName>Colony Financial, Inc.</issuerName>
        <issuerTradingSymbol>CLNY</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001190294</rptOwnerCik>
            <rptOwnerName>PARKER GEORGE GC</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O COLONY FINANCIAL, INC.</rptOwnerStreet1>
            <rptOwnerStreet2>2450 BROADWAY, 6TH FLOOR</rptOwnerStreet2>
            <rptOwnerCity>SANTA MONICA</rptOwnerCity>
            <rptOwnerState>CA</rptOwnerState>
            <rptOwnerZipCode>90404</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2010-11-10</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>A</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>1000</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>3000</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value></value>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <footnotes></footnotes>

    <remarks></remarks>

    <ownerSignature>
        <signatureName>/s/ David A. Palame, as Attorney-in-Fact</signatureName>
        <signatureDate>2010-12-20</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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