Transform the look of your pegboard with a simple paint job. Start by using a solvent-based paint primer on your wood or MDF pegboard. Then, use a spray can of paint or a paint roller to apply a thin layer of paint evenly across the board. Keep in mind that you don't want to apply the paint too heavily and fill in the holes of the pegboard.  If you opt to use a paint roller, choose one with a short nap and after coating the roller with paint, run it across scrap cardboard or paper once or twice to expel excess paint. Once the first coat is dry, follow up with a second coat of paint. Take note that dark-colored pegboard will require more coats of paint for a color transformation.