Customizing and formatting lists and bullets in OneNote for Mac can be done with the following steps:

1. Choose a Style: Select the type of list or bullet you want to create from the Style gallery.
2. Change Bullets or Numbering: Replace bullets with numbering or vice versa by going to Bullets or Numbering in the ribbon.
3. Choose Color: Take it one step further by selecting a preferred color for your bullets or numbers right next to the style options.
4. Manually Format: Adjust or customize font styles, sizing and color by selecting them in the Home tab in the ribbon.