The Olympic rings were
designed in 1912 by Pierre de Coubertin, the founder of the modern Olympic
Games. The Olympic rings composed of
five interlocking rings colored blue, black, red, yellow and green represent
the five major regions of the world: Africa, the Americas,
Asia, Europe, and Oceania. The Colors of the
rings were chosen because every National flag in the world contains one of the
five colors.
Source: http://www.janecky.com/olympics/rings.html