The album was originally intended to be a collaboration between Henderson and Jobim, but the plan was changed following Jobim's death.[3] Musicians include pianists Eliane Elias and Herbie Hancock, bassist Christian McBride and drummer Jack DeJohnette.
Like his previous two albums for Verve Records, Double Rainbow received excellent reviews and relatively good sales for a jazz album in 1995. Reviewer Scott Yanow called the album "very accessible yet unpredictable".[3] The Penguin Guide to Jazz on CD awarded the album three stars and described it as "essentially high-calibre light-jazz".[2]