First off you need to make a duplicate layer in order to begin.
Do so by selecting Layer --> Duplicate Layer
Next you need to 'Desaturate' the top layer.
Do so by selecting Image --> Adjustments --> Desaturate
Next you want to select the eraser tool from the toolbar on the left hand side of your screen as shown below.
After selecting the eraser tool, begin 'erasing' the parts of the image you want in colour as shown below:
Keep doing this until you have completed your image and you are happy.
Make sure you flatten your image and save :)