'Alexis Colby (nee M'orrell; formerly Carrington, Dexter and Rowan) is the first wife of Blake Carrington. She shows up at Blake's trial for the murder of Ted Dinard, making a grand entrance in her black and white costume, lifting a vale from her face. Her version of the story is that Blake drew her away from Denver when he found her in bed with her lover, Carrington estate manager Roger Grimes, almost beating him to death. Of course, Alexis conveniently forgot to mention the amount of money given to her if she stayed away from her children. With the money on one side and her children on the other, she decided to go for the money.

Steven Carrington, Alexis's favorite, welcomed his mother with open arms while her daughter, Fallon rejected her, hating her for leaving them and for coming back just to destroy their father. Alexis moved in into a studio situated at the Carrington ground. Blake could not stop her from doing so as the studio was her property. Alexis tried everything to steer up trouble with the ultimate plan of getting Blake back. Blake's second wife, Krystle Carrington saw her for what she really was and the two of them became sworn enemies. While Krystle was out riding, Alexis fired a shot from her gun and watched Krystle being dragged by the horse across the field. It resulted in Krystle loosing her baby. When Krystle found out Alexis was behind what happened, she fronted Alexis and the two had a cat fight at the studio. Krystle, of course, won.

When Fallon found out that her biological father might be Cecil Colby, she had a car accident and went to premature labor. This made Fallon hate her mother even more. Blake threatened to kill Alexis for hurting Fallon but the blood tests proved Blake to be Fallon's father. Alexis unsuccessfully tried seducing Blake. When her attempts failed, she went after Cecil Colby. While having passionate sex, Cecil had a heart attack. Alexis managed to marry him at the hospital, on his death bed. Cecil Colby leaving her "ColbyCo. Oil Company" as his legacy. Alexis became a successful businesswoman, often using unconventional means, and she manages to reach the top of the money and power scale. In time, she becomes very attached to her family and shows a lot of affection for hers and Blake's children. Than, her and Blake's long lost son Adam Carrington appeared and after being rejected by Blake, he turned to Alexis who welcomed him into her life. Alexis didn't give up her plans of getting Krystle away from Blake by bringing to Denver Mark Jennings, Krystle's ex husband. Alexis found out their divorce wasn't legal and she used it to break up Blake's and Krystle's relationship up. But she lost again as Blake and Krystle worked the things out. All Alexis got was strong kicks from Krystle in their lily pond fight. Alexis found herself attracted to Mark and the two had an affair. When Mark fell in love with Fallon, Alexis manages to break that relation up making Fallon find her mother in bed with Mark. Alexis doesn't accept any rival, including her own daughter.

Alexis also had an affair with Congressman Neal McVane in order to get him help her destroying Blake. When Neil sided with Blake, Alexis ruined his political carrier. Blake saved her life when Neal tried strangling her. But Neil was just one in the line of her enemies. Alexis invited Krystle up to the cabin under false excuse, and tried bribing Krystle to leave Denver. She, again, underestimated Krystle. But, someone set the cabin on fire and Alexis and Krystle were trapped. Mark saved their lives. It was Joseph who set the fire due to Alexis's blackmails. Joseph killed himself, leaving a letter blaming Alexis. To revenge her father's death, Kirby tried killing Alexis, but didn't have the strength to go through with it. Alexis send Kirby away to Paris in order to get her out of Adam's life.

Alexis than fell in love with the cowboy Dex Dexter. He had a mind of his own and he swept Alexis of her feet. He stood by her when she was in prison for the murder of Mark Jennings and helped prove that Neal Mcvane was the real killer. Though in love with Dex, Alexis had an affair with Rashid Ahmed. She and Dex eventually got back together and even got married. They fought a lot but there relationship was passionate and loving. However, Alexis couldn't resist the shine of the royal crown and she had an affair with King Galen who only used her. When she found out her mistake it was too late. Dex sought comfort in Amanda. When Alexis found her husband in bed with her daughter, she was devastated. It took a long time till she forgave either of them.

Disappointed in love, Alexis concentrated once again to destroying Blake which this time she succeeded with the help of Blake's brother Ben Carrington. Alexis took away Blake's house and Krystle saved her life when Blake tried to kill her. Having her revenge, being the queen of Denver, she still wasn't what she expected it to be. She didn't have a man to love her and both Amanda and Steven sided with Blake. Alexis had the mansion all by herself. But the coldness inside was killing her. She had a fling with Michael Culhane, Amanda's boyfriend and later with Gavin Maurier. Blake eventually got back the house and Alexis moved to Carlton. When Blake lost his memory in the explosion, Alexis used it to convince him he was still married to her. They shared some warm moments but when Krystle found Blake, he got his memory back and ended up in her arms. However, now Alexis and Blake were friends and Alexis offered her sincere support to Blake and Krystle when their daughter had a heart problem. After another fight with Dex, Alexis drove her car off a bridge and was saved by Sean Rowan. She fell in love with him and married him, not knowing he wants to destroy both Blake and Alexis for what they did to his father and his sister Kirby Anders. Alexis again turned against Blake when he decided to run for the governor of Colorado. She entered the race herself, determined to beat Blake by using all the dirty tricks she could come up with. While she was busy with her campaign, Sean was destroying her company and finally decided to kill Alexis. Dex saved her and shot Sean while they struggled. Alexis was again used and hurt. Dex gave her his love and comfort. But Alexis couldn't put Dex first and she was away a lot on business, leaving Dex all alone. Alexis had an affair with Boyd who organized for Sable's tankers to be sunk. Dex got involved with Sable who already bought "The Carlton" hotel from Alexis and was on a good way to destroy Alex's sinking empire, "The ColbyCo Oil". The fact that Dex went to bed with her worst enemy totally devastated Alexis as this was the ultimate betrayal. All alone, with only Adam by her side, Alexis focused on prosecuting Blake for the murder of Roger Grimes but failed when Fallon remembered she shot Roger when she was a girl. Sable had Alexis right where she wanted her, paying her back for her affair with Jason years ago and for revealing that Jason wasn't the father of her twins. Sable agreed to sign the papers stating she will let go of Alexis's company if Alexis gives up her claim to the collection and stops making trouble for Blake. Dex showed up when they were signing the papers and started a fight with Adam. Adam pushed him and Dex and Alexis took a fall from the gallery. While Dex's faith was left a mystery, Alexis survived and continued her life. She got involved with Jeremy Van Dorm, the head of the consortium, and tried help him destroy Blake. But Blake won the house and the company back. Alexis and Krystle had another cat fight, but that was the least of her problems. Jeremy tried killing Alexis and Adam saved her in the last minute before the gas suffocated her. Alexis attended the Carrington family reunion. It meant a lot to her to be a part of the family. Though all was not forgiven, it was a new beginning for everyone.