Rainbow jasper cabochons are made from a type of banded jasper called rainbow jasper. Most jaspers are composed of quartz and other minerals as well as organic materials.

Rainbow jasper often has stripes of red, burgundy, tan or black. The stripes can be wide, with indistinct edges, or very subtle and may run either horizontally, vertically, or diagonally across the finished cabochons. The exact colors and patterns of each stone will vary. Some rainbow jasper cabochons may have other pattern variations instead of stripes.