A white, or albino, peacock is a genetic variant of the Indian Blue peacock. The albino peacock is white rather than the typical array of bright and vibrant colors because they are missing certain pigments that colorful peacocks possess. Moreover the color of a peacock (or any bird for that matter) depends on the pigment and structure of the feathers that are equally important in determining the peacock's physical appearance. While melanins, carotenoids and porphyrines determine the bird's pigmentation, the structure of the peacocks feathers and the lamallae or thin plate layers of the peacock's feathers that behave like a prism and split the light of the peacock's colors.
Here are some more pictures of the albino peacock:
Sources: Treehuger