In Judeo-Christian mythology, the rainbow was created after God placed down his "Bow of War" after the flood with Adam. It is to symbolize that God promises that he will never again try to destroy the world by water. Although the rainbow is not mentioned in the bible, this is: "I will never again curse the ground on the account of man, for the inclination of man's heart is evil from his youth; I will never again destroy every living creature, as I have done. As long as the earth shall last, seedtime and harvest, cold and heat, summer and winter, day and night, shall not cease."

    Genesis 8:22

The rainbow is supposedly God's rememberance of that promise.