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I have two Picklist Values field in account object

  1. picklist field called type__c Values: Rose, jasmine, sunflower

  2. color__c Values: Pink, white, yellow

When I am creating or updating the record in account object,if I choose the type, color value should automatically update in color__c field

eg.:- Rose - pink, jasmine - white, sunflower - yellow

Is it possible using workflow rule? How can we achieve this in a single workflow rule?

1

You can handle that using field dependencies
Please refer following link for more detials.
field dependencies will be more effecient as in future if your pick-list values gets added then simply you can handle dependencies by doing minimum configuration change.

https://developer.salesforce.com/docs/atlas.en-us.fundamentals.meta/fundamentals/adg_simple_app_adv_field_dependencies_try_it_out.htm

More point about dependent fields
– The value selected in the controlling field affects the values available in the dependent field.
– A dependent field works in conjunction with a controlling field to filter its values.
–  We can define custom picklist fields as controlling or dependent fields.
– Standard picklist filed must be controlling fields. We cannot define standard picklist fields as dependent fields.
– We can define default values for controlling field. But we cannot define default fields for dependent fields.
– We cannot define multi-select picklist as controlling.
– We can define checkbox as controlling field only.


Ref: http://www.salesforcetutorial.com/field-dependency-in-salesforce/

2

You can achieve using single workflow and without using field dependency as mentioned by you,

  1. Create a formula field - Type_Color__c

    Case(ISPICKVAL(Type__c),'Rose','Pink','Jasmine','White','Sunflower','Yellow')

  2. Create a work flow rule and add a field update for Color__c and add formula as below in formula editor

    Type__Color__c

Note - This solution will work only if Color__c is a text field and not a picklist.

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