There's a Rainbow 'round My Shoulder is a 1928 song sung by Al Jolson in the early Warner Brothers talking picture The Singing Fool the same year. The song along with Sonny Boy and I'm Sitting on Top of the World, which was also in The Singing Fool became big hits. The song was written by Al Jolson, Billy Rose and Dave Dreyer.
Donald Peers with two pianos recorded it at Royal Albert Hall, London on June 13, 1949 along with "Blue Skies" and "If You Were the Only Girl (in the World)". The medley was released by EMI on the His Master's Voice label as catalog number B 9792.
Bobby Darin also recorded this song.