When you hear the saying "Once In A Blue Moon" it usually means an event that only takes place at incredibly rare occasions. It is in reference to an additional forth full moon occurring within a season, as opposed to the normal three full moons in a season.
While the color of the moon may not actually turn blue, having an extra full moon in a season is somewhat rare.
If you are in an area where you can see the moon tonight, enjoy it! Go out and do something you would normally only do Once In A Blue Moon.