The symbol of the olympic is its rings which consist of five interlocking rings, one for each continent: blue, yellow, black, green and red on a "field of white."
The Olympic Rings
While the Olympics have been around since the ancient times of Greece, the modern Olympics were started with the creation of the International Olympic Committee in 1894 by Pierre de Coubertin.
"…the six colors [which includes the white canvas background] thus combined reproduce the colors of all the nations, with no exception. The blue and yellow of Sweden, the blue and white of Greece, the tri- colors of France, England and America, Germany, Belgium, Italy, Hungary, the yellow and red of Spain next to the novelties of Brazil or Australia, with old Japan and new China. Here is truly an international symbol."
"…the six colors [which includes the white canvas background] thus combined reproduce the colors of all the nations, with no exception. The blue and yellow of Sweden, the blue and white of Greece, the tri- colors of France, England and America, Germany, Belgium, Italy, Hungary, the yellow and red of Spain next to the novelties of Brazil or Australia, with old Japan and new China. Here is truly an international symbol."
Pierre de Coubertin was a french aristocrat, educator, and historian, who wished to improve physical education in French schools. In 1850, de Coubertin has initiated a local athletic competition he called the "Meetings of the Olympian Class." During that time other countries like Britain also wished to improve their physical education, and the Liverpool Athletic Club also hosted their own Olympics. While more and more countries were thinking about physical education and starting their own Olympics; it was Coubertin's work that would start the International Olympic Committee.
The summer of 1886, the first Modern Olympics were held in Athens, Greece. These games were first financed by the philanthropic cousins Evangelos Zappas and Konstantions Zappas.
A picture from the 1886 Olympic Games
The first Olympic Games did not have the same image of the olympics rings that we know today, instead the symbol of the Olympic rings were not created until 1912 when they were designed by Baron Pierre de Coubertin. In 1914 with the outbreak of WWI the Olympics were put on hold and so the rings made their debut during 1920 summer Olympics.
A poster from the 1920 summer Olympics
In the 1950s, British Authors Lynn and Gray Poole found an "ancient" carving of the Olympic rings in Delphi, Greece. The authors thinking it was an ancient altar piece published an article about it in their book, which sparked the rumor that the rings may have been an ancient symbol.
Cartoon from the 1936 Summer Olympics
In fact, the stone was carved for the 1936 Summer Games in Berlin. Why was the stone in Delphi then? Carl Diem, the president of the organizing committee at the time, wanted to to have the relay of the Olympic Flame from its lighting point in Olympia to the Olympic stadium in Berlin. Diem, who is supposed to have a theatrical flair, included a stop at Delphi which included a "ancient" torchbearers' stadium and a "ancient" three-foot-tall stone altar with the modern symbol of the Olympic rings.
The "ancient" altar piece left in Delphi
While most of the altar was removed from the site, the stone containing the Olympic rings were placed near the entrance to an ancient site, where it was found by Lynn and Gray Poole.