Pardon my opinion but wow that is a poorly produced video that is not pleasant to watch.
Yes, you can colorize a video in After Effects by using rotoscoping and color effects. It's not automatic. The video example you provided shows extremely sloppy roto and color overlays. The success and the time necessary to do the roto work and add the overlays depends entirely on the footage. You may be able to use RotoBrush to speed things up. The technique will require a duplicate layer for each color you wish to add and each duplicate will have to be masked using rotoscope techniques.
If you don't understand anything I said then please check out this short Rotoscope tutorial to see how to do manual rotoscoping and study up on how to add color effects in AE.
dude that video is awesome!
sorry to late reply
may you send me the link of this video please