The blue Olympic ring does not really mean anything
the olympic ring colours are black, red, yelow, green and blue
The five Olympic ring stand for 5 continents
The colors of the rings in the Olympic flag do not represent any continent or country. The colors represent the colors found in the flags of the nations that compete in the Olympic Games.
The three rings stand for three major countries involved in Bringing back the Olympic games to modern times. The blue and yellow rings represent the country of Sweden.