The work aims to propose a grating interference based information hiding and multicolor display technology to address the limitations of current information hiding techniques in terms of content and color display. By embedding color information into a point-based carrier grating, the moiré pattern's grayscale variation resulting from the interference between the carrier and decoding gratings was analyzed from the physical phenomenon of moiré fringe interference. Grayscale transformations were applied to the carrier grating's color channels, aligning with the hidden information's pixel distribution, to achieve hiding and multicolor display. To mitigate edge effects, multi-tone point gratings were employed, enhancing the display's hiding effects. Experiments demonstrated high structural similarity indices (SSIM>0.90 for the transformed carrier image and SSIM>0.85 for the decoded image) between the original carrier image and the hidden image of grayscale transformation. Adjusting the decoding grating's phase enabled multicolor display of hidden information. On this basis, experimental verification of digital printing was carried out, realizing printing information hiding and multicolor display. The proposed information hiding and multicolor display technology can achieve output of hidden images by printing with good hiding and display effect, which proves the feasibility of applying the method in printing and packaging products.