Coloured chalk是彩色的粉笔的意思,而colorful chalk则是多彩的粉笔的意思,区别可以从以下例子看出:

Please use the coloured chalk to write, there are colorful chalk there, use the color you like. 请用彩色粉笔写,那里有很多颜色的彩色粉笔,用你喜欢的颜色。