'two-colored' originates from English, a compound of 'two' and 'colored'; 'two' comes from Old English 'twā' meaning '2', and 'colored' is formed from 'color' (via Middle English 'colour' / Old French 'colourer') plus the adjectival/past-participial suffix '-ed'.

'color' came into English from Old French 'colour' (from Latin 'color'); Middle English formed 'coloured' (or 'colored' in later spelling), and the compound 'two-colored' developed in Modern English by combining the numeral 'two' with 'colored'.

Initially components meant 'the number two' and 'having color'; combined, the compound has long meant 'having two colors' and this core meaning has remained stable.