A color information encryption method using phase-truncated gyrator transform domain is proposed. In this technique, the color image is decomposed into R, G and B channels. The decomposed three RBG channels evade the interference of crosstalks efficiently. Each channel is separately modulated to the first random phase mask and then gyrator transformed. The transformed image is phase-truncated to get first encoded image and amplitude-truncated to produce first asymmetric phase key. The obtained image is modulated to the second random phase mask and then again gyrator transformed. The resulted image is phase-truncated to obtain second encoded image and amplitude-truncated to generate second asymmetric phase key. The proposed system includes transformation angles of GT and asymmetric phase keys as decryption keys. The proposed system can be implemented digitally or optically. The optical setup is free from optical misalignment problem. The theoretical analysis and numerical simulation results both validate the proposed technique.