Problem using ColorBox with Media Galllery
Actually all you should need to do is change... Well, you'll need to change two things actually:


Rename sites/all/library to sites/all/libraries
Rename colorbox-master to colorbox


The final output should look like this: sites/all/libraries/colorbox

And don't forget to flush the caches after you make the changes, just to make sure the system recognizes them. ;)

Hope that helps... :)