In this tutorial i will mostly use PEN TOOL
Open your image in Photoshop, i will use above image
Am going to colorize my Image in parts starting with the hat then the cloth and shoes then lastly the body
HAT
In tool palette select PEN tool and start selecting over the hat, as per below
After selecting the Hat then right click and select Make selection
Set Feather Radius to 2.5 or at least 0
Go to Image - Saturation - Hue/Saturation
In Hue/Saturation make sure Colorize is checked
Play with it until you get the color you like
Using same Procedures now select the cloth colorize and shoes colorize
Don't forget to create new layer for each part you select so that you make apply changes perfectly
Lastly lets see how to colorize the body
Colorize forebackground as per below
Make selection on body parts that are not covered with cloth,
Make sure eyes and lips are not colored
Make selection then create new layer
Select Paint Bucked Tool and paint over body parts
Then change Blending to Color and play with Opacity till you get desired outcome
Use previous method to select and colorize the lips and ring
Well, that's it
