How would I go about turning this object into a 3D model with the same colours? I've been using Blender for educational purposes for the past few years making some general models like figurines and furniture but for my next project I want to make a 3D model of this image and I don't know where to start.
I've tried searching up tutorials but they all are too vague or just do not work.
What I am trying to do is convert this image to a 3D model while keeping all the colours and shapes within the picture. Could anyone lead me down the right path?
It's not easy to turn a 2d image into a 3d object.  What I would recommend is to create a "turnaround" as a first step.  Basically this involves sketching a front, side, top, and/or back view of the character.  An example is here.  

This is very important to figure out the shapes of the model from multiple angles. 

Once you have the turnaround, you can import it as Background Images in blender and assign it to the front and side views to use as a guide.  From there model on top of the images.  There are many tutorials for that kind of modeling, like the famous Joan of Arc Tutorial.

Good luck!  The turnaround sheet is likely the hardest part.