Final Image Preview

Here I have this picture

1.Step

And I will start by separating the the lady from the back ground, it's easy to do, use the pen tool to do it

And make sure you are using the shown options

And start to make a selection around the lady

Here I have made the selection

2.Step

As you notice that there's some errors with the hair, so we're going to exclude the background from the hair, to do that select this option for the pen tool

And exclude the background

3.Step

Now go to Paths window, right-click over the path you have made and select "make selection"

Make sure that you are making New selection

Here you made a selection around the lady

So inverse the selection to select the background, and then delete

4.Step

Now convert the picture to black and white by pressing Ctrl+Shift+U

Then open the Levels window

Set the shown values or change as it fits your picture

5.Step

After changing the level, you may get some shadowed areas, paint those areas with white

This is after painting them

6.Step

Now create a new layer for coloring the hair, place it over the lady's layer and make it a Clipping mask

7.Step. Now for all the coloring layers use the same settings of Creating Clipping mask and Changing their mode to Darken

 

8.Step

start coloring the hair with yellow

9.Step

And in a new layer, color the face

And so on for everything

10.Step

And finally make a layer to make some shadows over the eyes and around the nose

These are all the layers I had

11.Step

Now we have to work on the background. make a new layer at the bottom and color it with any color, and then select the two colors that you want the background to be painted with them

And then apply the filter Halftone pattern, from Sketch list. Use Circles as the type and set the size and contrast you want

Result: Realistic color portrait

Download Psd file