I have a lot of fabric, having worked in the fabric industry for a little over 3 years now and having my mom constantly feed my obsession (thanks mom!) I seem to have acquired quite a bit and a great variety as well. I keep "my favorites" organized by color and out on open shelves in my room so I can constantly see it:
(notice my awesome vintage Singer Featherweight and my out of control magazine collection - well, about half of my magazine collection I guess)
This helps inspire me for new projects and lets me easily scan my fabric when the urge to sew hits me. I am often an impulsive sewer, when the mood hits me there is no stopping me and it's best if I have everything I need within reach at a moment's notice.
After organizing my fabrics on the shelves in my room I had lots of fabrics left over and I needed to have them organized so I could easily access them. I settled on good old plastic storage bins, you can't go wrong there. I have the rest of my fabric separated into - solids, warms (red, orange, yellow, etc), cools (blue, green, turquoise, etc) and neutrals (black, white, tan).
I even made some pretty labels with Amy Butler scrap book paper too!
Just the other day I needed a few solid colors to finish a project and I was so excited to open up my closet door and see my lovely bin of solids sitting there waiting for me. It made the whole project more enjoyable because I didn't have to dig through my entire stash to find one or two pieces of fabric. A great success!