'bichrome' originates from Latin and Greek, specifically the Latin prefix 'bi-' (from Latin 'bis') and the Greek word 'chroma', where 'bi-' meant 'two' and 'chroma' meant 'color'.

'bichrome' was formed in modern English as a compound of Latin 'bi-' + Greek 'chroma' (color), entering usage as a descriptive term for two-colored objects in the 18th–19th centuries and remaining a transparent compound in contemporary English.

Initially and historically it meant 'having two colors'; this basic meaning has remained stable into current usage.