I am working on simple project and I want to bake the materials colors to texture. Is it possible?
yes, it is possible.
In the Properties, down in the render tab, there’s a panel ‘Bake’.
in Blender Internal, bake the ‘Textures’.
in Cycles, bake the ‘Diffuse Color’.
Further reading and step by step info:
https://www.blender.org/manual/render/workflows/bake.html
and
https://www.blender.org/manual/render/cycles/baking.html
edit: Richard Marklew has faster fingers