To change color of SVG element I have found out a way while inspecting Google search box search icon below:
.search_icon {
color: red;
fill: currentColor;
display: inline-block;
width: 100px;
height: 100px;
}
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<span class="search_icon">
<svg focusable="false" xmlns="http://www.w3.org/2000/svg" viewBox="0 0 24 24"><path d="M15.5 14h-.79l-.28-.27A6.471 6.471 0 0 0 16 9.5 6.5 6.5 0 1 0 9.5 16c1.61 0 3.09-.59 4.23-1.57l.27.28v.79l5 4.99L20.49 19l-4.99-5zm-6 0C7.01 14 5 11.99 5 9.5S7.01 5 9.5 5 14 7.01 14 9.5 11.99 14 9.5 14z"></path></svg>
</span>
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I have used span element with "display:inline-block", height, width and setting a particular style "color: red; fill: currentColor;" to that span tag which is inherited by the child svg element.