In this paper, we propose an efficient color transfer approach as a pre-processing step, and demonstrate use of the method for enhancement of peripheral blood smear images. Peripheral blood smear analysis is subjective, laborious and is error prone. Automation is highly desirable to obtain objective and accurate results. It also would help reduce the burden of pathologists. However, automation of peripheral blood smear analysis is challenging due to the fact that the microscopic images suffer from illumination variations. Also, variations in the process of manual staining leads to variations in colors expressed by the various components of the peripheral blood smear namely the red blood cells, white blood cells and platelets. Many research groups have reported various approaches to color transfer to enhance the quality of peripheral blood smear images to facilitate automation. Color transfer approach uses a template image with the desirable qualities and transfers the color characteristics of this image to the images under study. We propose an efficient color transfer approach and demonstrate its use for enhancement of peripheral blood smear images.