Rainbow Lake is a town in northwest Alberta, Canada.

It is west of High Level at the end of Highway 58, in Mackenzie County.

The town carries the name of the nearby lake, formed on the Hay River, that was so called due to its curved shape.

The town was established to service the industry of the nearby oil field, discovered in 1965.

[12] The community is served by the Rainbow Lake Airport (IATA: YOP, ICAO: CYOP), and is connected via Alberta Highway 58.