Rainbow Ponies were named for their rainbow colored hair. They were printed in Year 2, between 1983 and 1984, and included earth ponies, pegasus ponies, and unicorns. All of the ponies in this group have glittery symbols. The colors in their rainbow-striped hair are, from front to back: dark pink, golden yellow, sea-green, and blue. Some of the Rainbow Ponies were available in later years through mail order offers, and most weren't altered when re-released. A second set of Rainbow Ponies was also created in Year 3.
Each of the Year 2 Rainbow ponies came with a pamphlet, a brush with a rainbow sticker on it, a basic comb, a ribbon, and a scented sticker.