The coupling between spins and electric dipoles governs magnetoelectric phenomena in multiferroics. The dynamical magnetoelectric effect, which is an inherent attribute of the spin excitations in multiferroics, drastically changes the optical properties of these compounds compared with conventional materials where light-matter interaction is expressed only by the dielectric permittivity or magnetic permeability. Here we show via polarized terahertz spectroscopy studies on multiferroic Ca2CoSi2O7, Sr2CoSi2O7 and Ba2CoGe2O7 that such magnetoeletric spin excitations exhibit quadrochroism, that is, they have different colours for all the four combinations of the two propagation directions (forward or backward) and the two orthogonal polarizations of a light beam. We demonstrate that one-way transparency can be realized for spin-wave excitations with sufficiently strong optical magnetoelectric effect. Furthermore, the transparent and absorbing directions of light propagation can be reversed by external magnetic fields. This magnetically controlled optical-diode function of magnetoelectric multiferroics may open a new horizon in photonics.