Let's assume that the field separator is :
(colon) in the file file.
while IFS= read -d : -r field || [ -n "$field" ]; do
echo "$field"
done <file
For a content:
first : se
con
d:
Thi rd:
Fourth
The output is:
**first **
** se
con
d**
**
Thi rd**
**
Fourth
**