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In the Bible, the rainbow is a symbol of God’s promise never to destroy the earth with floods. Hence, dreaming of a rainbow is a symbol of hope, faith, and peace.

The first mention of a rainbow in the scriptures is in the book of Genesis. God has judged the earth due to the increase of wickedness. The sons of God (referring to angels) had taken for themselves the daughters of men and brought forth gigantic offspring.
Related: Dreaming of being rained on
However, Noah found favor in the sight of God as he had walked in faithfulness and purity. After 40 days and nights of rain, The LORD places a rainbow in the sky as a sign of his covenant to never flood the earth for a third time.
The rainbow is a symbol of hope and faith. The rainbow that appeared after the great flood symbolized the hope of a new beginning for humanity. It is a reminder that God is faithful to keep His word.