The story follows a 16-year-old Icelandic boy, Ari, who lives with his mother in Reykjavík. She has to leave the country for a new job, sending him back to the small town of his youth. There he finds his old friend, suddenly a young woman with a tricky romantic relationship; and his father has become a victim of the financial crisis.

Rainbow Party tells the story of Sofia, who realizes that if you can't beat them, well then you better join them. In her quest to be accepted by the popular girls in her class, Sofia finds herself sacrificing her true friendships and morals. Whoever said that teenage girls were innocent - well, they were so wrong.