1.Insert a Listbox named ‘ListBox1’ in a window form named as ‘Form1’ .

2.Change the DrawMode to OwnerDrawVariable.

3.On load event of the Form1 Add items to listbox1

PrivateSub Form1_Load(ByVal sender As System.Object, _ByVal e As System.EventArgs) HandlesMyBase.Load
            'To add items to listbox

            ListBox1.Items.Add("Red")

            ListBox1.Items.Add("Orange")

            ListBox1.Items.Add("Purple")

      EndSub

4.On listbox drawItem event write this code which will change individual item of listbox1     

      PrivateSub ListBox1_DrawItem(ByVal sender AsObject, _

                                    ByVal e As System.Windows.Forms.DrawItemEventArgs) _

                                    Handles ListBox1.DrawItem

            e.DrawBackground()

            Dim textBrush AsBrush = Brushes.Black

            Dim drawFont AsFont = e.Font

            If (e.State AndDrawItemState.Selected) = DrawItemState.Selected Then

                  e.Graphics.FillRectangle(Brushes.WhiteSmoke, e.Bounds)

            EndIf

           ' Determine the color of the brush to draw each item based on the index of the item to draw.

            SelectCase e.Index

               Case 0     

                     textBrush = Brushes.Red

                  Exit Select  

               Case 1

                  textBrush = Brushes.Orange

                  Exit Select

               Case 2

                  textBrush = Brushes.Purple

                  Exit Select

            EndSelect

            ' Draw the current item text based on the current Font and the custom brush settings.

            e.Graphics.DrawString(DirectCast(sender, ListBox).Items(e.Index).ToString(),

                                    e.Font, textBrush, e.Bounds, StringFormat.GenericDefault)

            ' If the ListBox has focus, draw a focus rectangle around the selected item.

            e.DrawFocusRectangle()

      EndSub