Earlier 4-5 years back, When I started learning C++ I used textcolor() function to change the textcolour. But its not working in Code Blocks 13.12. Is there any other standard way to color the text and background.
Your terminal has nothing to do with C++. The C++ standard does not mention anything about terminals or graphics at all, let alone a monitor. As far as your code is concerned, monitors and terminals and the likes do not exist. There is no standard way to interact with them.
You need to use either an existing library (e.g. curses) or use your operating system's API.