​​ 1. Open photoshop and create a new canvas. The setting parameters are as shown below.

​ ​ 2. Next, enter the channel panel, execute a new channel, and enter the white text "sunken word".

Then copy channel 1 to channel 2, and execute Filter-Blur-Gaussian Blur on channel 2. The specific parameters are as shown below.

​​ 3. Next, perform Filter-Stylize-Relief Effect on Channel 2. The specific parameters are as shown below.

Then load the Alpha1 selection and fill it with 50% grayscale.

4. Next, adjust the color levels

​​Copying Alpha2 to Alpha3. And select Alpha2, use Image-Adjustments-Levels, use a black eyedropper, and click on the background color of the image.

After selecting Alpha3, use Image-Adjustment-Levels, use a white eyedropper, and click on the background color of the image. The effect obtained is as shown below.

5. Go back to the background layer and fill it with your favorite color. And make step-by-step brightness/contrast adjustments.

Load the Alpha3 selection and invert the selection. Use Image-Adjustments-Brightness/Contrast and set the parameters to +100.

Load the Alpha2 selection, use Image-Adjustments-Brightness/Contrast, and set the parameter to -100.

Load the Alpha1 selection, use Image-Adjustments-Brightness/Contrast, and set the brightness parameter to -20.

The final effect is shown in the picture below.