Inspired by Reshetikhin's twisting procedure to obtain multiparametric extensions of a Hopf algebra, a general "symmetry transformation" of the "particle conserving" R-matrix is found such that the resulting multiparametric R-matrix, with a spectral parameter as well as a color parameter, is also a solution of the Yang–Baxter equation (YBE). The corresponding transformation of the quantum YBE reveals a new relation between the associated quantized algebra and its multiparametric deformation. As applications of this general relation to some particular cases, multiparametric and colored extensions of the quantum group GL q(N) and the Yangian algebra Y(glN) are investigated and their explicit realizations are also discussed. Possible interesting physical applications of such extended Yangian algebras are indicated.