Text next to image

Here is my proposal for your code:

\documentclass{article}
\usepackage{float}
\usepackage{graphicx}
\begin{document}

\begin{minipage}{0.5\textwidth}
\begin{figure}[H]
\includegraphics{figure1}
\caption{\label{fig:blue_rectangle} Rectangle}
\end{figure}
\end{minipage} \hfill
\begin{minipage}{0.45\textwidth}
\begin{itemize}
\item *Rectangle
\item *Color: blue
\end{itemize}
\end{minipage}

\end{document}

You can adapt the size of the two columns by playing with the 0.5\textwidth part to have it matching your need (It does not have to be equal for the two columns!).

NOTE: The minipage environments must not have any uncommented whitelines between them, i.e. they must touching, as shown in the example. If there is a line between them, LaTeX draws them separately.

EDITED to make rectangle, well... blue, per mrc's comment.

\documentclass{article}
\usepackage{calc,xcolor}
\begin{document}

%\def\x{\includegraphics{filename}}
\def\x{\textcolor{blue!70}{\rule{1in}{2in}}}
\def\y{\parbox[t]{1.5in}{\LARGE *Rectangle\\ {*Color: blue}}}

\begin{figure}
\centering
\rule{\widthof{\y}}{0in}~
\raisebox{\baselineskip -\heightof{\x}}{\x} 
~\y
\caption{Rectangle}
\end{figure}
\end{document}