Life is but a dream

private void MakeTransparent_Example2(PaintEventArgs e)
{

    // Create a Bitmap object from an image file.
    Bitmap myBitmap = new Bitmap("Grapes.gif");

    // Draw myBitmap to the screen.
    e.Graphics.DrawImage(
        myBitmap, 0, 0, myBitmap.Width, myBitmap.Height);

    // Get the color of a background pixel.
    Color backColor = myBitmap.GetPixel(1, 1);

    // Make backColor transparent for myBitmap.
    myBitmap.MakeTransparent(backColor);

    // Draw the transparent bitmap to the screen.
    e.Graphics.DrawImage(
        myBitmap, myBitmap.Width, 0, myBitmap.Width, myBitmap.Height);
}

참고 : https://msdn.microsoft.com/en-us/library/8517ckds(v=vs.110).aspx