You must learn how to remove backgrounds properly, insert layers, fill them with colors insert a layer mask and how to copy&paste content from a layer to the layer mask of another layer (see NOTE1)
At first have a photo, background removed. Your image is also stretched with warping or the Liquify filter. I skip it here. (see NOTE3)
Add monochrome noise to it (here 15%)
Goto Image > Adjustments > Treshold. Treshold the image to BW, adjust the treshold for good apparent grayscale (see NOTE2).
Use it as a layer mask for some color (here yellow) and to make selections to delete parts of other colored layers.
To make the red layer visible, yellow and green are clipped by selecting the emptiness in the bottom BW layer and pressing DEL in yellow and green layers.
You can add more layers for more colors. Here small pieces of white are painted to the new top layer "Eyes". You can as well copy material from other images or from the BW layer and color it differently. Image > Adjustments > Hue/Saturation > Colorize is the easy recoloring tool.
NOTE1: In the layers panel you can click the layer mask icon holding the Alt key at the same time. That brings the layer mask onscreen for edits. You can paste (or preferably paste in place) the clipboard content to the layer mask. In this case you have selected all in the bottom BW image layer and copied it to the clipboard.
NOTE2: The photo itself must be well adjusted and the amount of noise must be good for just this photo. Professional Photoshop users make Smart filters and adjustment layers to keep the effects adjustable for best fit.
NOTE3: The noise distribution in green-yellow halftones is different at the bottom of the image than at higher, say at eyes and nose. Conclusion: Warping or Liquifying to stretch the image should be applied after tresholding, not in the original photo. I believe your image utilizes the same. It's a in-computer construction which is made of a photo which is taken in the middle of 1970's. If someone wanted to construct your image forty years ago, he would really have to know something.