There are many ways to color this black and white picture. You can use fill color to color it, or you can directly use the color correction tool to color it. However, you must control the range when grading colors, so that the effect will be realistic.
Original picture
final effect
1. Open the original image material.
2. Create a new layer, change the layer blending mode to "Color", set the foreground color to: R:168/G:129/B:112, and then use a brush to color the character's skin.
3. Select the skin color selection, create a hue/saturation adjustment layer, and set the parameters as shown below.
4. Create a new layer, change the layer blending mode to "Color", set the foreground color to: R:218/G:182/B:168, and use the brush tool to color the skin again.
5. Create a new layer, change the layer blending mode to "Color", set the foreground color to: R:223/G:32/B:230, and use the brush tool to color the clothes.
6. Create a new layer, change the layer blending mode to "Color", set the foreground color to: R:136/G:96/B:60, use the brush tool to color the hair, and control the layer opacity yourself.