Hello there,
Unfortunately, there is no way to 'upgrade' a custom field. You need to create a new multiselect custom field on your instance and configure it manually.
Cheers,
Clarissa.
To add to it, you may also migrate the values from the existing field to the new field using JIRA Command Line tool and then get rid of the old select list. Do remember to switch off notifications before doing it, as users will be flooded with emails if you are going to lot of updates.
https://bobswift.atlassian.net/wiki/display/JCLI/JIRA+Command+Line+Interface
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