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- The Rainbow Dragon was released when the game was released, on September 14, 2011.
- On February 2, 2012, the Rainbow Dragon's egg was changed from a silvery white background with rainbow dots to rainbow stripes in an unofficial update.
- The Rainbow Dragon's adult form gained the ability to walk on the habitat as of an unofficial update on December 18, 2012. The baby form also gained the ability to fly above its habitat.
- On June 4, 2013, the Rainbow Dragon's description was changed. Previous description was: "Normal words cannot begin to describe the resplendence of these, rarest of all dragons. The first person to ever witness one stared for hours before running home to send a poet to describe the beast. When the poet arrived, the dragon had left without a trace, leading many to believe that the explorer made up the whole story. Only years later do we now realize that he wasn't crazy at all!"
- The adult stage of the Rainbow Dragon is also the dragon featured in the icon of the Game Center achievement, "Double Rainbow All the Way!".
- The adult stage of the Rainbow Dragon is portrayed on the 4th Anniversary Statue.
- On March 17, 2017, The Rainbow Dragon was listed on sale at a reduced price for a limited period of time.
- The Rainbow Dragon's sale ended on March 20, 2017, when the price rose from 1,250 to 2,500 gems.