Originally meant to serve record execs across the street in the 9000 Sunset building, it turned into a rockers hang out when Led Zeppelin gave its blessing to this place by making it one of their favorite L. A. hangouts in the early seventies. Keith Moon made the bar his home away from home in the mid seventies and all of his friends, including Ringo Starr, Harry Nilsson, John Lennon and all of their friends did the same. It continues today as hangout for those who have made it in the music industry and those who are trying.

As musical trends on the Strip changed towards heavy metal in the 1980s, the Rainbow followed suit. Members of Mötley Crüe, Poison, and Guns N' Roses frequented the bar. It was mentioned in a number of songs, such as "Sunset and Babylon" by W.A.S.P. and "Peach Kelli Pop" by Redd Kross, and featured in the video for November Rain by Guns N' Roses.