A multispectral filter array (MSFA) image sensor with red, green, blue and near-infrared (NIR) filters is useful for various imaging applications with the advantages that it obtains color information and NIR information simultaneously. Because the MSFA image sensor needs to acquire invisible band information, it is necessary to remove the IR cut-offfilter (IRCF). However, without the IRCF, the color of the image is desaturated by the interference of the additional NIR component of each RGB color channel. To overcome color degradation, a signal processing approach is required to restore natural color by removing the unwanted NIR contribution to the RGB color channels while the additional NIR information remains in the N channel. Thus, in this paper, we propose a color restoration method for an imaging system based on the MSFA image sensor with RGBN filters. To remove the unnecessary NIR component in each RGB color channel, spectral estimation and spectral decomposition are performed based on the spectral characteristics of the MSFA sensor. The proposed color restoration method estimates the spectral intensity in NIR band and recovers hue and color saturation by decomposing the visible band component and the NIR band component in each RGB color channel. The experimental results show that the proposed method effectively restores natural color and minimizes angular errors.