Universal Multimodal embedding models built on Multimodal Large Language Models (MLLMs) have traditionally employed contrastive learning, which aligns representations of query-target pairs across different modalities. Yet, despite its empirical success, they are primarily built on a "single-turn" formulation where each query-target pair is treated as an independent data point. This paradigm leads to computational inefficiency when scaling, as it requires a separate forward pass for each pair and overlooks potential contextual relationships between multiple queries that can relate to the same context. In this work, we introduce Multi-Turn Contrastive Learning (MuCo), a dialogue-inspired framework that revisits this process. MuCo leverages the conversational nature of MLLMs to process multiple, related query-target pairs associated with a single image within a single forward pass. This allows us to extract a set of multiple query and target embeddings simultaneously, conditioned on a shared context representation, amplifying the effective batch size and overall training efficiency. Experiments exhibit MuCo with a newly curated 5M multimodal multi-turn dataset (M3T), which yields state-of-the-art retrieval performance on MMEB and M-BEIR benchmarks, while markedly enhancing both training efficiency and representation coherence across modalities. Code and M3T are available at https://github.com/naver-ai/muco