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When it comes to the MPAA, trailers are released as three different types. The definition of each type can be read below, thanks to Wikipedia.

Green Band: An all-green graphic at the beginning of the trailer, usually reading "The following PREVIEW has been approved for ALL AUDIENCES by the Motion Picture Association of America," and sometimes including the movie's MPAA rating. This signifies that the trailer adheres to the standards for motion picture advertising outlined by the MPAA, which includes limitations on foul language and violent, sexual, or otherwise objectionable imagery.

Yellow Band: Yellow graphic that reads "The following PREVIEW has been approved ONLY for AGE-APPROPRIATE internet users by the Motion Picture Association of America". The MPAA also mandates that trailers not exceed two minutes and thirty seconds in length, and each major studio is given one exception to this rule per year.

Red Band: In short, Red Band means the trailer is unrated and just about everything goes. These trailers open with, "The following PREVIEW has been approved for RESTRICTED AUDIENCES ONLY by the Motion Picture Association of America." Red Band trailers can only be watched before R-rated, NC-17 rated or unrated films.

Thanks in part to Regal Entertainment Group, the popularity of red band trailers are on the rise. Starting on March 2008, Regal announced that it would once again allow red band trailers to play in its theaters.