Multispectral imaging (MSI) is widely used in terrestrial applications to help increase the discriminability between objects of interest. While MSI has shown potential for underwater geological and biological surveys, it is thus far rarely applied underwater. This is primarily due to the fact light propagation in water is subject to wavelength dependent attenuation and tough working conditions in the deep ocean. In this paper, a novel underwater MSI system based on a tunable light source is presented which employs a monochrome still image camera with flashing, pressure neutral color LEDs. Laboratory experiments and field tests were performed. Results from the lab experiments show an improvement of 76.66% on discriminating colors on a checkerboard by using the proposed imaging system over the use of an RGB camera. The field tests provided in situ MSI observations of pelagic fauna, and showed the first evidence that the system is capable of acquiring useful imagery under real marine conditions.