Definitions by teamSWAG

It's all rainbow 

A popular alternative for saying everything is okay. Equivalent to "no worries".
"Rainbow" is often used as a substitute for people with iOS5 who do not have access to the rainbow emoji.

Person 1: "Aye that pikunz is chattin shit about u".
Person 2: "It's all rainbow fam"

It's all rainbow by teamSWAG June 19, 2014