Open your canvas. Press D to set default colors. Press Alt + Backspace to fill you canvas with black color.
Duplicate the layer. Continue working with the new layer.

Step 2

Select the gradient tool , place the cursor at the bottom, click and drag to top of the canvas. Your canvas should now be filled in a black and white gradient.

Step 3

Click on Filter>Distort>Wave . The wave window apears. Setting in the picture on the right.

Step 4

Go on Filter>Distort> Polar Coordinates. The window opens up , give the settings as 100% and check the Rectangular to polar option.

Step 5

Click on image>Adjustments> Hue/Saturation and change the setting to the colors of your choice. Do not forget the to check the colorize button.

Step 6

Click on Filter> Render> Lighting effects and set the lgith type to omni and the rest default

Step 7

Your star is done.