The Town of Rainbow Lake was named for its proximity to Rainbow Lake. The lake was called Rainbow by the Cree and Slavery who inhabited the area for many years, because of its shape. A trapper by the name of Rainbow Fournier roamed the area in the late 19th century and some believe it may have been named after him. Oil was discovered near Rainbow Lake in 1965 which resulted in the "oil boom" followed by he development of the town in 1966. The first post office wasn't established here until the year 1967 with A.G. Hislop the first postmaster.
HISTORY OF RAINBOW LAKE, ALBERTA