Refer below link
Multi-color DropDownList using C#[
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OR
<asp:DropDownList ID="DropDownList1" AppendDataBoundItems="true" runat="server" AutoPostBack="True" OnSelectedIndexChanged="DropDownList1_SelectedIndexChanged" OnLoad="DropDownList1_Load">
<asp:ListItem Value="-1">Select</asp:ListItem>
<asp:ListItem Value="0">Red</asp:ListItem>
<asp:ListItem Value="1">Blue</asp:ListItem>
<asp:ListItem Value="2">Green</asp:ListItem>
<asp:ListItem Value="3">Violet</asp:ListItem>
</asp:DropDownList>
protected void DropDownList1_Load(object sender, EventArgs e)
{
for (int i = 0; i < DropDownList1.Items.Count; i++)
{
DropDownList1.Items[i].Attributes.Add("styleackground-color:" + DropDownList1.Items[i].Text);
}
}