hsr////////////////////////////////////////////////
ListView의 속성 OwnerDraw를 True하세요
아래는 서브아이템중 2번째인 인덱스1번에 노란색을 칠했습니다

procedure TForm1.ListView1DrawItem(Sender: TCustomListView;
  Item: TListItem; Rect: TRect; State: TOwnerDrawState);
var
  i,j, ColPos: Integer;
  ColRect : TRect;
begin
  with ListView1 do begin
      Canvas.TextOut(Rect.Left, Rect.Top, Item.Caption);
      for i := 0 to Item.SubItems.Count-1 do begin
         ColPos := 0;
         for j := 0 to i do
            ColPos := ColPos + Columns[j].Width;
         ColRect := Rect;
         ColRect.Left := Rect.Left+ColPos;

         if i in [1] then begin
            Canvas.Brush.Color := clYellow;
            Canvas.FillRect(ColRect);
            Canvas.TextOut(ColRect.Left, ColRect.Top, Item.SubItems[i]);
         end
         else begin
            Canvas.TextOut(ColRect.Left, ColRect.Top, Item.SubItems[i]);
         end;
      end;
  end;
end;