* Variations of "Colby": One theory is that Kolby is a modern spelling variation of the name "Colby", which itself can be a surname with various origins. Some possible meanings for "Colby" include "coal merchant" (from Old English "col") or "from the dark valley" (from Old English "col" and "beorg").
* Combination of "Kol" and "by": Another possibility is that Kolby is a combination of "Kol" (which is of Scandinavian origin and means "coal") and "by" (which means "town" or "village" in Old English). This would give a meaning of "coal town" or "village by the coal".
Ultimately, the meaning of "Kolby" is open to interpretation. It's a unique and modern name that can be given various personal meanings.