Another BMW website actually did an article on this, but I only discovered it when I was looking for the Kalyami photo. It is missing some colors though.
The discontinued date and used on section only apply where those colors were offered as a non-special order color. A lot of those colors were used by special editions, but according to BMW the colors were special orders and therefore are not included.
Full-sized images can be downloaded from here
1. Sebring Grey metallic (229)
Named after: Sebring International Raceway Introduced: In 1988 on the E34 M5 Also used on: E30 325i Convertible Last Edition Discontinued: 1992 Notes: Even though it is named after a US based racetrack, the color was not available on the US-spec M5.

2. Misano Red metallic (236)
Named after: Misano World Circuit Marco Simoncelli Introduced: In 1988 on the E30 M3 Evolution II Also used on: E34 M5, E24 M635CSi Motorsport Edition, E30 M3 Ceccotto/Revaglia and E30 325i Convertible Special Edition Discontinued: 1990

3. Nogaro Silver metallic (243)
Named after: Circuit de Nogaro Introduced: In 1988 on the E30 M3 Evolution II Also used on: E24 M635CSi Motorsport Edition, E30 M3 Ceccotto/Revaglia and E30 325i Convertible Special Edition Discontinued: 1990

4. Macao Blue metallic (250)
Named after: Macau Grand Prix Introduced: In 1988 on the E30 M3 Evolution II Also used on: E34 M5, E24 M635CSi Motorsport Edition, E30 M3 Ceccotto/Revaglia and E30 325i Convertible Special Edition Discontinued: 1991

5. Dakar Yellow (267)
Named after: Dakar Rally Introduced: In 1992 on the E36 M3 Also used on: E36 318is Sedan Class II Discontinued: End of 1995

6. Mugello Red (274)
Named after: Mugello Circuit Introduced: In 1992 on the E36 M3 Also used on: E34 M5 Discontinued: Fall of 1994

7. Avus Blue metallic (276)
Named after: Automobil-Verkehrs- und Uebungsstrasse or simply as AVUS Introduced: E34 M5 in the late 1991 Also used on: 850CSi, various E34, E36 models and E39 M5 Discontinued: August 2000

8. Daytona Violet metallic (283)
Named after: Daytona International Speedway Introduced: E34 M5 in the late 1991 Also used on: 850CSi and various E34 and E36 models Discontinued: End of 1997

9. British Racing Green (312)
Named after: National racing color Introduced: E36 M3 GT Also used on: South African built E36 M3 Discontinued: September 1998 Notes: Not exactly sure if this should be on the list, but I decided to include it anyway.

10. Estoril Blue metallic (335)
Named after: Autodromo do Estoril Introduced: Mid 1995 on the E36 M3 Also used on: E36/7 M Coupe/Roadster, E46 Clubsport, various E53 models Discontinued: Summer of 2006

11. Dakar Yellow 2 (337)
Named after: Dakar Rally Introduced: Late 1995 on the E36 M3 Also used on: Various E36 and E36/7 models Discontinued: Mid 2002 Notes: The first "come back" color. This time Dakar Yellow comes with a clear coat.

12. Kyalami (351)
Named after: Kyalami Racing Circuit Introduced: Never. Used on some pre-production E36/7 M Roadster built in 1997 Also used on: - Discontinued: - Notes: This color actually never went into the series production. Only 3 pre-production M Roadsters were built in this color. Interestingly enough, the Kyalami interior color went into production.

13. Imola Red (366)
Named after: The town where the Autodromo Enzo e Dino Ferrari is located. Introduced: Never. Used on some pre-production E36/7 M Roadster built in 1996 Also used on: - Discontinued: - Notes: Ever wondered why your Imola Red is Imola Red 2? Well, that is because just like Kyalami, the original Imola Red never went into production. BMW built 18 pre-production Imola Red E36/7 M Roadsters

14. Le Mans Blue metallic (381)
Named after: 24 Hours of Le Mans Introduced: At the end of 1999 on the E39 M5 Also used on: Too many to list Discontinued: Mid 2015

15. Imola Red 2 (405)
Named after: The town where the Autodromo Enzo e Dino Ferrari is located. Introduced: End of 1997 on the E36/7 M Coupe/Roadster Also used on: Too many to list Discontinued: February 2015

16. Silverstone metallic (425)
Named after: Silverstone Circuit Introduced: Spring of 1998 on the E39 M5 Also used on: - Discontinued: September 2001

17. Phoenix Yellow metallic (445)
Named after: Phoenix street circuit Introduced: Late 1999 on the E46 M3 Launch color on: E46 M3 Convertible Also used on: E36/7 M Coupe/Roadster, E85/E86 Discontinued: July 2007

18. Laguna Seca Blue (448)
Named after: Laguna Seca Raceway Introduced: Late 1999 on the E46 M3 Launch color on: E46 M3 Coupe Also used on: E36/7 M Roadster/Coupe Discontinued: August 2004

19. Silverstone 2 metallic (A29)
Named after: Silverstone Circuit Introduced: In 2004 on the E60 M5 Launch color on: E60 M5, E90 M3 Also used on: Most M models Discontinued: - Notes: Another "come back" color.

20. Interlagos Blue metallic (A30)
Named after: Autodromo Jose Carlos Pace which was originally known as Autodromo de Interlagos Introduced: Spring of 2003 on the E46 M3 Competition Package Launch color on: E46 M3 Competition Package, E61 M5 Also used on: E63/4 M6, E9x M3 and E85/6 M Discontinued: September 2013

21. Indianapolis Red metallic (A31)
Named after: Indianapolis Motor Speedway Introduced: In 2004 on the E60 M5 Launch color on: E63 M6 Also used on: - Discontinued: Summer of 2010

22. Sepang Bronze metallic (A32)
Named after: Sepang International Circuit Introduced: In 2004 on the E60 M5 Launch color on: E64 M6 Also used on: E85/E86 M Discontinued: Summer of 2010

23. Jerez Black metallic (A73)
Named after: Circuit of Jerez Introduced: In 2007 on the E9x M3 Launch color on: E93 M3 Also used on: - Discontinued: 2013

24. Melbourne Red metallic (A75)
Named after: Melbourne Grand Prix Circuit Introduced: In 2007 on the E9x M3 Launch color on: E71 X6 M Also used on: Too many to list Discontinued: -

25. Monte Carlo Blue metallic (B05)
Named after: The location of the Circuit de Monaco Introduced: E70 X5 M and E71 X6 M Launch color on: E70 X5 M Also used on: F12/F13 M6 Discontinued: End of 2016

26. Singapore Grey metallic (B41)
Named after: Singapore Grand Prix Introduced: In 2011 on the F10 M5 Also used on: F06/F10/F12 M6, G11/G12 Discontinued: -

27. Valencia Orange metallic (B44)
Named after: Valencia Street Circuit Introduced: In 2010 on the E82 1 Series M Coupe Launch color on: E82 1 Series M Coupe Also used on: On many Leipzig built models. Not available on any M cars. Discontinued: -

28. Estoril Blue 2 metallic (B45)
Named after: Autodromo do Estoril Introduced: F30 M Sport Launch color on: F30 M Sport Also used on: Too many to list Discontinued: - Notes: After a 6 year hiatus, Estoril Blue is back, but this time it's not available on the M models.

29. Sakhir Orange metallic (B50)
Named after: Named after the desert where the Bahrain International Circuit is located Introduced: Late 2011 on the F06/F12/F13 M6 and F10 M5 Launch color on: F13 M6 Also used on: F80 M3 and F82/F83 M4 Discontinued: June 2017

30. San Marino Blue metallic (B51)
Named after: San Marino Grand Prix Introduced: Late 2011 on the F06/F12/F13 M6 Launch color on: F12 M6 and M4 CS Also used on: F80, F82, F83 Discontinued: -

31. Austin Yellow metallic (B67)
Named after: Named after Austin, Texas which is a home of the Circuit of The Americas Introduced: In 2013 on the F80 M3 and F82/F83 M4 Launch color on: F82 M4 Also used on: - Discontinued: -

32. Yas Marina Blue metallic (B68)
Named after: Yas Marina Circuit Introduced: In 2013 on the F80 M3 and F82/F83 M4 Launch color on: F80 M3 Also used on: - Discontinued: -

33. Long Beach Blue metallic (C16)
Named after: Grand Prix of Long Beach Introduced: In 2014 on the F85/F86 Launch color on: F86 and F87 Also used on: - Discontinued: -

34. Donington Grey metallic (C28)
Named after: Donington Park Introduced: In 2014 on the F85/F86 Launch color on: F85, F97 Also used on: F90 Discontinued: -

35. Sakhir Orange 2 metallic (C1H)
Named after: Named after the desert where the Bahrain International Circuit is located Introduced: In 2016 on the F80 M3, F82/F83 M4 Also used on: - Discontinued: - Notes: Due to a supplier issue BMW created a new formula for the F80 M3, F82/F83 M4 models. For a short period of time Sakhir Orange 2 and the original Sakhir Orange were available at the same time. However, they were not offered on the same model at the same time.

36. Marina Bay Blue metallic (C1K)
Named after: Marina Bay Street Circuit Introduced: In 2017 on the F90 Launch color on: F90 Also used on: - Discontinued: -

37. Misano Blue metallic (C1D)
Named after: Misano World Circuit Marco Simoncelli Introduced: In 2017 on X2 M Sport Launch color on: F39 X2 M Sport, G29 M40i, F40 M135i, F87 M2 CS Also used on: Discontinued: - Notes: After 30 years Misano Worlds Circuit gets a second. This is the first time a race track gets a second color. This is the second color that is introduced on the M Sport / M Performance model rather than a full M car

38. Hockenheim Silver metallic (C33)
Named after: Hockenheimring Introduced: In 2018 on F87 M2 Competition Launch color on: F87 M2 Competition Also used on: - Discontinued: -

39. Portimao Blue metallic (C31)
Named after: Algarve International Circuit which is commonly referred to as Portimão Circuit Introduced: In 2018 on G20 3 Series M Sport Launch color on: G20 3 Series M Sport Also used on: G80 M3, G82 / G83 M4 Discontinued: -

40. Toronto Red metallic (C3G)
Named after: Canadian Tire Motorsport Park which is located in the Greater Toronto Area Introduced: In 2019 on F97 X3 M Launch color on: F98 X4 M Also used on: F97 X3 M, F95 X5 M, F96 X6 M, G80 M3, G82 / G83 M4 Discontinued: -

41. Motegi Red metallic (C3K)
Named after: Twin Ring Motegi Introduced: In 2019 on F91 and F92 M8 Launch color on: F91 M8 Also used on: F90 Discontinued: -

42. Brands Hatch Grey metallic (C17)
Named after: Brands Hatch Circuit Introduced: In 2019 on F91 and F92 M8 Launch color on: - Also used on: F90 Discontinued: -

43. Isle of Man Green metallic (C4G) Named after: Isle of Man TT Mountain_Course Introduced: In 2020 on G80 M3, G82 / G83 M4 Launch color on: - Also used on: - Discontinued: -
44. Sao Paulo Yellow (C4H) Named after: Autodromo Jose Carlos Pace which was originally known as Autodromo de Interlagos is located in the city of São Paulo Introduced: In 2020 on G80 M3, G82 / G83 M4 Launch color on: - Also used on: - Discontinued: - Notes: First new non-metallic M color since Laguna Seca Blue which was released over 20 years ago. This is the second color that Autodromo Jose Carlos Pace gets.
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