It’s impossible to directly recover a colour image from the grey scale version of it. As correctly said by @Luis Mendo in the comments, the needed information are not physically stored there.
What you can do is try to come up with a mapping between intensity level and colour, then play around with interpolation. This however will not produce a good result, but just some colour mapping information that may be very far from what you want.
If you have another colour image and you want to fit its colours to your grey scale image, you may want to have a look at: http://blogs.mathworks.com/pick/2012/11/25/converting-images-from-grayscale-to-color/ .
In particular the function that is there cited can be found here: http://www.mathworks.com/matlabcentral/fileexchange/8214-gray-image-to-color-image-conversion#comments.
Bare in mind that this will be slow and will not produce a great result, however I don’t think you can do much more.
solved How to convert grayscale image to rgb with full colors? [closed]