An arcade game released by Taito in 1988. As the name suggests, it was simply a new version of their 1987 release "Rainbow Islands". It was licensed to Romstar for manufacture and release in the US.

The gameplay is the same as the original except the order of the levels is rearranged. Furthermore collecting "the big gem" on each of the seven normal levels allows you to proceed to three extra hidden levels. Another extra feature was that if you collected the seven little gems on a level in order (either red to violet or violet to red) then you could enter a secret door and gain a permanent power-up.

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