'bicolored' originates from the combining form 'bi-' (from Latin 'bis'), where 'bis' meant 'twice', combined with English 'color' (from Latin 'color' via Old French 'colour').

'bi-' developed as a combining form from Latin 'bis' into Late Latin and Old French use; 'color' changed from Latin 'color' to Old French 'colour' and then to Middle English 'colour', eventually yielding Modern English 'color/colour', which combined with 'bi-' to form 'bicolored'.

Initially it literally conveyed 'twice-colored' (i.e., 'having two colors'); this basic meaning has remained stable and is still the current meaning 'having two distinct colors'.