In short
Once you have put hours into a drawing, protect it. Keep it out of direct sunlight, frame it under UV-filtering glass with an acid-free mat that holds the glass off the surface, and store any unframed work flat and away from damp. A few simple steps keep the colours true for decades.
A coloured pencil drawing is more delicate than it looks. The surface is soft and a little waxy, so it smudges, it attracts dust, and strong light will slowly fade even good pigments over the years. None of that is a reason to worry, because looking after one is simple and cheap. Most of it comes down to a couple of decisions you make on the day you hang it or put it away.
This is the single most important thing, and it costs nothing. Daylight, and especially the ultraviolet in it, will fade pigments given enough time. Good artist-grade pencils resist this far better than cheap ones, which is what lightfastness ratings measure, but no pigment is completely immune to years of strong sun.
So when you choose where to hang a drawing, pick a wall that is shaded for most of the day rather than a bright south-facing window. An interior wall or a hallway is far kinder to your work than a sunny spot, however lovely the light looks.
Framing does two jobs: it shows the work off, and it shields it. A few choices make the difference between a frame that protects and one that slowly harms.
A final spray fixative can reduce smudging and help hold back wax bloom, and some artists swear by it. The trade-off is that fixative can slightly darken or dull your colours, so if you use one, test it on a scrap of the same paper with the same pencils first. Plenty of coloured pencil artists frame without any fixative at all and rely on the glass to do the protecting. More on fixative sprays here.
If a milky haze creeps over the darkest, most heavily layered areas of a finished drawing, that is wax bloom, and it is completely harmless. Buff it away very gently with a soft cloth or a ball of cotton wool and the colour comes straight back. Once the piece is framed under glass with a mat holding that air gap, any future bloom is left undisturbed behind the glass.
Not every drawing goes straight onto a wall, and unframed work needs a little care too.
Do these few things and a drawing you are proud of today will look just as good in twenty years, which is rather the point of putting all those layers down in the first place.
Related reading
Why some colours fade and others hold true, and what the ratings on the barrel are telling you.
Wax Bloom: What It Is and How to Fix It
The cloudy haze over heavy wax layers, why it happens, and the ten-second fix.