The color change in the heating element of a soldering iron is primarily due to oxidation, specifically the formation of a thin layer of magnetite as oxygen diffuses into the hot steel. This phenomenon, known as "temper colors," results from varying oxide thicknesses that occur due to different temperatures across the surface. The colors observed, ranging from yellow to purple to blue, indicate the sub-micron thickness of the oxide layer, which is influenced by the time the metal spends at elevated temperatures. This effect is similar to thin film interference seen in oil on water, where light reflects off different surfaces, creating a spectrum of colors. Understanding this process is crucial for those working with metals, as it affects the properties and durability of the material.