According to the teachings of the Buddha, we are reborn in one of several realms. Which one, depends on the last thoughts we have in this life time, and on the deeds of this (and, to some extent, previous) life time(s).
People reborn in one of the highest realms are often referred to as the gods.
These should not be confused with gods of various polythestic religions. The gods, as understood by Buddhism, are not supernatural beings, they do not have special powers. (Remember, Buddhism is non-theistic.)
Rather, they are beings living very long lives in complete happiness, free of suffering, as a result of wholesome karma.
They are not immortal: No matter how wholesome their past karma may have been, it was finite. Therefore, the gods eventually die, and are reborn according to their current deeds.
Because the gods do not experience suffering, they cannot come to the full understanding of the Four Noble Truths and, hence, cannot realize awakening while living as gods: They must be reborn as humans for that to occur.
Because of that, rebirth as one of the gods is not something desirable for a Buddhist, it only delays one's final emancipation.
While the Hindu and the New Agers generally believe in good karma and bad karma, and value the good one over the bad one, in Buddhist beliefs any kind of karma keeps us in the samsara. As it is sometimes put, no good deed goes unpunished.