Hosts Brazil put paid to the team's hopes with a narrow 2-1 victory in Fortaleza Friday, although the win came at a heavy price with Neymar ruled out for the rest of the World Cup, CNN reports.
Arriving at El Dorado airport after an Avianca flight, the squad were met by a frenzied welcome with thousands lining the streets as their open top bus negotiated its way through the streets.
Colombia, coached by Argentina's Jose Pekerman, won its group and impressed with its flowing football, led by World Cup sensation James Rodriguez.
He scored his sixth and tournament-leading goal, a late penalty, in the defeat to Brazil.
"Thanks for always being there, thanks for the support, we love you," Rodriguez said as he addressed the crowd.
They had gathered early, most wearing the team's yellow shirt, to catch a glimpse of the players who were given red carpet treatment at the airport, before going on a tour in the bus, which inched its way through the throngs.
Meanwhile, the Brazil squad has been training in Teresopolis ahead of its semifinal clash with Germany in Belo Horizonte Tuesday.
Chelsea's Willian, who could come in for Neymar, admitted his loss was a blow to Brazil's hopes of winning the World Cup on home soil.
"Neymar sets the standard for us. He is capable of deciding any game, so playing without him will be difficult," he said.
But the midfielder added: "We know the quality that we have. We are all very sad at losing him but we are now even stronger after what happened and we can continue to pursue our dream."
Coach Luis Felipe Scolari's other possible replacement for Neymar, who has fractured a vertabra in his back, could be winger Bernard, who plays for Shakhtar Donetsk.