The rainbow eucalyptus, or the eucalyptus deglupta, is a tall tree belonging to the eucalyptus species that is found in countries such as Papua New Guinea and parts of Indonesia. The tree's pulpwood is used to make paper.

The tree is characterised by its multi-colored streaks that appear on the trunk. The outer bark sheds at different times, allowing the inner bright green bark appears; the inner bark will eventually change from green to blue, purple, orange and maroon.