The best color palette for a minimalist living room is a restrained, soft palette featuring neutral tones like cloud grays, soft peaches, or warm beiges. These hues form a calm base that keeps the space serene. Pair the palette with layered textures and accents in black or deep green to add contrast and depth. Avoid all-white schemes without texture, which can look unfinished. Instead, focus on monochrome shades with nuanced variations for a warm, inviting minimalist room.