I have three big floor-to-ceiling cabinets in my sewing room and I use opaque plastic bins for my fabric storage. I sort by color mostly, with one or two colors per bin. Because the bins are opaque, I can easily see what color is inside. If I put two colors in one bin, I try to keep them related, like browns & oranges for instance, or reds & pinks. Next I have separate bins for novelties, Christmas fabrics, and patriotic fabrics. Lastly I use smaller bins to hold fabric "sets", like if I buy several coordinating fabrics with a specific quilt in mind and want to keep them all together until I can work on that one. I also have smaller bins full of charm squares from the exchange at our quilt guild, orphan blocks, and scraps. If I want blue fabric, it's simple to open the cabinet and pull out the blue bin, or if I want kitten fabric I pull out the novelties bin. This system works well for me, but mainly because I have plenty of storage space.
Good luck on your organization, whatever method you choose.