As Pete suggested, use data attribute which is better and easy way: http://jsfiddle.net/aamir/tq9W8/5/
$('#listbox option:eq(0)').css('color', 'red').data('color', 'red');
$('#listbox').change(function () {
    if ($(this).find("option:selected").data('color') == 'red') {
        alert('color is red');
    } else {
        alert('other options');
    }
});
or you can try this: http://jsfiddle.net/aamir/tq9W8/4/
$('#listbox option:eq(0)').css('color', 'red');
function checkColorByName(ele, colorName) {
    var tempDiv = $('<div>').css("color", colorName).hide().appendTo('body');
    console.log(tempDiv.css('color'));
    var bol = tempDiv.css('color') == ele.css('color');
    tempDiv.remove();
    return bol;
}
$('#listbox').change(function () {
    if (checkColorByName($(this).find("option:selected"), 'red')) {
        alert('color is red');
    } else {
        alert('other options');
    }
});
Other wise according to this, you need to use a plugin.