Rainbow moonstone is thought to bring harmony and hope while enhancing creativity, compassion, endurance, inner confidence, and fertility. Rainbow moonstone is believed to help strengthen intuition and psychic perception, especially offering us visions of things that aren't immediately obvious. Rainbow moonstone also helps bring balance and connection to the feminine.

The Greeks and the Romans associated moonstone with their lunar gods. During the Art Nouveau period in the early 20th century, moonstone became popular with artists and goldsmiths for creating jewelry.

Moonstone has translucent white color with a white sheen similar to "moonshine" that rolls or flows over the stone when rotated, hence the name "moonstone." The sheen is caused by light diffraction within layers of feldspar. Generally a creamy translucent white stone, rainbow moonstone features occasional iridescent or multicolored (especially blue) flashes with transparency that ranges from opaque to semitranslucent.