Pour different Dye Bottles on it to make various colors! How many Dye Bottles you use, how many mixed bottles you can get. If you don't want it any more, just use Bottled Water to end the troubles.
Craft it with the Crafting Table.

The Palette Stand is a block that lets the player place and mix Dye Bottles on it, getting lots of combinations. Using Bottled Water on it will wash the stand and clear the dyes on it.

Timber (5)
Brass (3)