Paint will not hide the imperfections of a plywood surface, so you need to do some prep work before you start painting. Use a fine-grade sandpaper to remove any of the imperfections in the wood that you do not want to be seen. Plywood is commonly made from Douglas Fir or Southern Pine wood, which means it will have knots and other imperfections that you can't remove. But you can remove some of the imperfections by sanding them out. Filling in knotholes and other natural occurring elements in plywood may not look right and can take away from the natural look of the wood.
You will want to use mineral spirits and a strong cloth to wipe down your plywood to remove any dirt and debris. Plywood can have many different small crevices where dirt and wood chips can hide. A thorough cleaning will remove that debris and prevent it from causing gaps and holes in your paint job.
Plywood can absorb paint, stain and any other liquid that is applied to it because it is very porous. To ensure your paint or stain gives you an even coat, you need to put down a coat of primer first. Use a primer that has a color close to the final color you will use on your paint to get a uniform look. A latex primer and latex paint together will not only give an even finish to your plywood, they will also expand and contract with the plywood to prevent cracking.
Apply paint to plywood either by brush, roller or air sprayer in an even and fluid motion. Allow your first coat to dry overnight, and then apply a second coat. Even though you used primer, you'll want to use a second coat of paint so that the color stands out from the primer and gives an even look.