Fallon Colby (nee Carrington) is the second child of Blake Carrington and Alexis Colby. She was always Blake's favorite which was one of the reasons she was a spoiled and self-sufficient brat. She hated her mother for abandoning them when they were children. It took years before she forgave Alexis. But in the never-ending war between Blake and Alexis, she always, without second thought, sided with Blake. Her father was the most important man in her life. She hated and humiliated Krystle every chance she got because to her, she was nothing but a gold digger who would steel away Blake's love for her. It took a long time before Fallon saw the error of her ways and became friends with Krystle seeing what a wonderful person she was.
Fallon's favorite hobby was sleeping around. It included affairs with the half of Blake's football team, Blake's driver Michael Culhane and many others. To help Blake during a financial crisis, she tried to seduce Cecil Colby. But Cecil decided to help Blake if Fallon married his nephew Jeff. Though she had no feelings for Jeff, she married him. She didn't keep a secret she found Jeff boring and actually despised him. She continued her affair with Michael. After Krystle got pregnant, Fallon did too. She wanted to give Blake a grandchild and not allow Krystle the upper hand.
When Krystle lost her baby, Fallon regretted staying pregnant, especially since now she was involved with Nick Toscanni. Jeff put up with his wife's indiscretions and her selfishness but when she decided to abort the child, it drove him crazy. Fallon didn't go through the abortion, to Blake's great relieve. Blake asked of Fallon and Jeff to stay married for the sake of a child. For his father's love, she agreed to live with Jeff under the same roof but not with him. Fallon really fell in love with Nick. He was her first true love. But his heart belonged to Krystle. He dumped Fallon and she was really hurt. The only person she truly loved besides Blake was her brother, and friend, Steven. Though totally different, the two of them were always very close. Fallon was in a car accident with Alexis after her mother told her Cecil might be her father. Fallon prematurely gave birth to her son Blake, LB. Thinking she wasn't Blake's daughter destroying her. She refused to have any contact with the baby who was fighting for his life. But the maternal instinct won. Later, blood test proved that Blake was Fallon's father. This was the best news she ever got as being Blake Carrington's daughter meant the world to her.
She matured and turned Blake's hotel into a successful and modern resort named "La Mirage". There she met Adam and started flirting with him, not knowing they were related. Fortunately they found out the truth before going all the way. Fallon became involved with Mark Jennings, Krystle's ex-husband who saved her after Jeff, under the influence of poison, tried to strangle her. But Alexis staged for Fallon to find her in Marks bed which resulted in ending of the romance. Fallon, now divorced from Jeff, became a devoted mother and got close to Jeff, finally realizing the good guy he is. But Jeff was married to Kirby and Fallon decided they should only be friends. Though changed and matured, Fallon let her emotions get the best of her.
She fell madly in love with Peter De Vilbis. He totally had her fuelled. He only wanted to get the money from Blake by organizing a kidnapping of a horse Allegre, and having Blake pay the ransom. Then he left Fallon. Realizing the idiot she was, she run out of "La Mirage" right in front of the car of a drunk driver. Fallon was left paralyzed due to trauma. During the recovery, Fallon and Jeff became close. He was always in love with her, even when they were children, and now she felt the same way. When her son LB came to close to the pool, she jumped to save him and starting walking again. Fallon and Jeff decided to get married and the only thing standing in way of their happiness were Fallon's headaches which drove her crazy. On their wedding night, while everyone waited for the bride to come down, Fallon had a break down in her room. She ran away in a storm with her car. Fallon disappeared and was presumed dead in a plane crash. Blake, Jeff and the rest of the family was left heartbroken.
A year later, Fallon resurfaced in Los Angeles, suffering from amnesia, not knowing who she was or where she came from. She chose a new name for herself and became Randall Adams. She met Miles Colby, rich and spoiled playboy, and fell in love with him. Self-centered and otherwise selfish Miles, gave Randall the love and support she needed. He was a completely different person around her and loved her like no man has loved her before or after. Randall married Miles and when he brought his bride to meet his family, Jeff, his cousin, was there. Jeff was beside himself seeing his beloved Fallon. She did not recognize him or her father though she felt comfortable being with them. It was the beginning of never stopping rivalry for Fallons love between Jeff and Miles. After sometime, Randall regained her memory and was reunited with her son and her father. But she also faced Jeff and Miles, both men in love with her. And she loved them both. Miles was there for her, loved and protected her when she needed it the most but her love and past she shared with Jeff won. She married Jeff and gave birth to a girl named Lauren. Miles was heartbroken as Fallon was and remained his one true love. While driving through the desert, Fallons car broke down. It was no coincidence. A space ship came down from the sky and aliens abducted Fallon. Jeff found her unconscious in the desert.
Fallon decided to move back to Denver. Her abduction was something Jeff couldn't accept. He didn't give her support and they grew apart. Jeff had an affair with Fallon's cousin Leslie and Fallon divorced him. Fallon's brother Steven believed her story and, as always, was by his sisters side. Fallon found a good friend in her mothers ex-husband Dex and they had a great relationship.
Later, Fallon had a one-night stand with Jeff, now engaged to Sammy Jo. When Sammy Jo found out, she and Fallon had a mud fight. But it resulted in long time enemies becoming the best of friends. After dead body was found in the lake, Fallon went to the mortuary and thought the body looked familiar. It was proven the body was in the lake for over 20 years and it was Alexis's lover, Roger Grimes. Fallon became involved with Zorelli, the cop who investigated the murder. Blake thought Zorelli is after destroying the family and strongly objected to this relationship. For the first time, Blake and Fallon drew apart. Fallon even moved out of the mansion and started living with her kids at Sammy Jo's. Fallon and Blake made up. But her obsession with the dead body grew. Zorelli and Fallon really fell in love and though they constantly fought and made up, their feelings were true. Zorelli helped Fallon get rid of the nightmares and helped her solve the mystery. Fallon remembered that it was she who shot Roger when she saw Roger beating up Alexis when she was a child. Knowing she killed someone was hard for Fallon to face. But her relationship with Zorelli didn't last.
She ended up in Miles's arms again. They planned their future together in the end, but Miles realized Jeff was the one she loves. He did the ultimate sacrifice, setting her free to be with Jeff. Fallon went back to Jeff who never loved any other woman but her.