//Tweens to black and white
TweenLite.to(DisplayObjectYouWantToTween ,1,{colorMatrixFilter:{matrix:[0.3,0.59,0.11,0, 0,0.3,0.59,0.11,0,0,0.3,0.59,0.11,0,0,0,0,0,1,0]}});

//Tween from black and white to Color
TweenLite.to(DisplayObjectYouWantToTween,1,{colorMatrixFilter:{matrix:[1,0,0,0,0,0,1,0,0,0,0,0,1,0,0,0,0,0,1,0]}});


/*
Note you need to import TweenLite's ColorMatrixFilterPlugin and register it :)
*/

tween, black, white,

I'm going to use TweenLite for this;

We need to import the ColorMatrixFilterPlugin and register it

Tween any DisplayObject to Black and White, or from Black&White to Color

ActionScript 3