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Rainbow Brite, is a media franchise by Hallmark Cards, introduced in 1983. The animated television series of the same name first aired in 1984, the same year Hallmark licensed Rainbow Brite to Mattel for a range of dolls and other merchandise. A theatrical feature-length film, Rainbow Brite and the Star Stealer, was released by Warner Bros. in 1985.

In 1985, Hallmark Cards, alongside Macy's, introduced a new float, based off of the recently released film, Rainbow Brite and the Star Stealer. The float featured a mirror-like circle in the center of the float. Atop of the sphere, Rainbow Brite rode a magical rainbow horse, with a multi-colored mane. Star stairs led down from the platform, allowing the kids who rode the float to move around the float. The base of the float consisted of two yellow stars, with platforms featuring multi-colored Spirites. The float was retired that same year, and was recycled into the Barbie and the Girls float in 1987.

In 1984, Rainbow Brite also rode atop the classic Rocking Horse toy float.