Maybelline, Garnier, Bobbi Brown, Too Faced, and many other companies have their own BB Creams.
BB Cream usually stands for Beblesh Balm or Blemish Balm, though you often see Beauty Balm as well.
BB Creams are multitaskers. They are meant to have a creamy formula that provides good coverage, evens the skin tone, contains SPF and anti-aging ingredients, is suitable to most skin types, and in the case of many of the Asian BB Creams, provide a whitening effect.
Unfortunately, BB Creams come in a very small shade range - usually only 1 or 2 shades per product.
From Wikipedia --
"BB cream, also known as Blemish Balm, Blemish Base or Beblesh Balm (due to an apparent copyright on the word "Blemish"), is a cosmetic item sold mainly in East and Southeast Asia, although larger beauty brands are increasingly introducing BB creams to Western markets as well. Originally formulated in Germany by dermatologist Dr. Christine Schrammek in the 1950s, the cream was initially used to protect skin after laser procedures and surgery, while also providing light coverage. Introduced to South Korea and Japan in the 1980s, BB cream has been named "the secret of Korean actresses" and has been heavily endorsed by Korean celebrities, which gained it large exposure in these Asian markets.
BB creams come in a variety of different formulation and qualities mainly perceived as being anti-inflammatory and having a soothing effect. As companies focused initially on the East Asian market, BB creams have a limited number of hues. Due to its "multi-tasking" all-in-one properties — moisturizer, primer, foundation, and sunblock — the cream became a hit in Asia, especially in South Korea, where BB creams make up 13% of the cosmetics market."
If you wanna check out more on BB Creams, here's some links
One of the BB Creams that I've reviewed
Dream Girls BB Cream
Luna from Toxid-Lotus has a lot of BB Cream posts
Swatches: MOAR BB Creams!
and so does the Muse at MusingsofaMuse
What is a BB Cream?
What's the Difference Between Tinted Moisturizer and BB Creams?