The word “only” is pronounced /ˈəʊnli/.
The “o” is pronounced as /əʊ/, similar to the sound in “go”. The “n” is a normal /n/ sound. The “l” is pronounced clearly as /l/. The final “y” is pronounced as /i/, like in the word “happy”. When saying “only”, put emphasis on the first syllable. For example, “This is the only one.” Pronounce each sound distinctly and smoothly to say the word correctly.