We simulated the multielectron dynamics of a CO molecule irradiated by near-IR λ = 760 nm two-cycle pulses with different carrier envelope phases by using the multiconfiguration time-dependent (TD) Hartree–Fock (MCTDHF) method. The ionization rate estimated from the simulations is higher when the laser electric field ɛ(t) points from C to O than in the opposite case, in agreement with the results of two-color experiments. The mechanism of the directional anisotropy in tunnel ionization of CO was examined by converting the obtained multielectron dynamics to the representation in terms of TD natural orbitals {ϕj(t)}. Within the framework of MCTDHF, we derived the equations of motion for {ϕj(t)}. From the derived equations, we defined the TD effective potentials that govern the dynamics of ϕj(t). consists of the one-body part v1(t) including the interaction with ɛ(t) and the two-body part v2,j(t) originating from electron–electron interaction. In for the 5σ HOMO, a narrow hump associated with the increase in v2,5σ(t) is surmounted on the field-distorted barrier of v1(t) + v2,5σ(0) near the nucleus C when ɛ(t) points from C to O, which results in the anisotropic ionization of CO. For 4σ, a high barrier that suppresses ionization is formed in when ɛ(t) points from C to O, which suggests that dynamical correlation exists between 4σ and 5σ electrons on route to ionization. For the opposite phase, becomes barrierless, enhancing high-harmonic generation through 4σ. We also simulated the dynamics for a λ = 380 nm pulse to investigate how reflects the nonadiabatic electronic response to the pulse. We found that the height of the hump in v1(0) + v2,5σ(t) is nearly proportional to the induced dipole moment of ϕ5σ(t), irrespective of whether the response is adiabatic or not. The for LiH is also presented to demonstrate the ubiquity of hump structures.