First off, what software are you using ? Illustrator may be good for this one... or even photoshop.
Usually the best thing, is to have a lot of good reference material, so I would get as many pix of this character as you can. A good way to learn is by breaking down how the character is usually created. Even really good artists still have to learn by practice, if you complete a version of this and you don't like it, start again until you are satisfied... each time you do it, you will learn a little more about how to build this character.
Start by filling in the larger less detailed colored areas first, and don't worry too much about the details yet. After you have laid out your main colors, start layering the smaller areas next, then finally add the details.
BTW I don't know this character either, but there is a great character called Elric, in a series of books by Michael Moorcock, very cool fantasy series.