IPA: /ˌmʌltiˈkʌləd/
KK: /mʌltiˈkʌlərd/
Having many different colors.
The artist used a multicolored palette to create a vibrant painting.
Multicolored → It is formed from "multi-" (meaning many) and "colored" (from the root "color" which comes from Latin "color", meaning hue or shade). The word "multicolored" means having many different colors.
Think of 'many' ('multi-') colors — that's why multicolored means having many colors.