We present a detailed study of the evolution of the galactic black hole transient GRS 1716-249 during its 2016-2017 outburst at optical, mid-Infrared, near-Infrared, UV, radio and X-ray wavelengths. From a detailed analysis using spectral energy distributions, multi-wavelength correlations and the color evolution of the source during the outburst, we show that the optical and UV emission of the source is broadly originating from a multi-temperature X-ray irradiated accretion disc with possibly some additional contribution from the viscous disc during the outburst fade, while the mid-infrared and radio detections are dominated by synchrotron emission from a compact jet. Our analysis suggests that GRS 1716-249 is either significantly optically fainter compared to other black hole X-ray binaries with similar accretion activity, or is at a much further distance (> 5 kpc) than what was previously assumed in the literature.