According to most accounts, the rings were adopted by Baron Pierre de Coubertin who was founder of the modern Olympic Movement in 1913 after he saw a similar design on an artifact from ancient Greece. The five rings represent the five major regions of the world: Africa, the Americas, Asia, Europe, and Oceania. Every national flag in the world includes at least one of the five colors, which are (from left to right) Blue, Yellow, Black, Green, and Red. It is important to emphasize that Pierre de Coubertin neither said nor wrote that the colors of the rings were linked or denoted with the different continents..

The 5 olympic rings represent the five inhabited continents, Americas (north and south are considered one), Asia, Africa, Europe, Australia. No one from the Arctic and Antarctic compete in the olympics and are not united by Olympism like the rest of the world, therefore are not included in the Olympic movement. This is a direct quote from Pierre De Coubertin, father of the modern Olympic games:

"The Olympic flag ... has a white background, with five interlaced rings in the centre: blue, yellow, black, green and red ... This design is symbolic ; it represents the five inhabited continents of the world, united by Olympism, while the six colors are those that appear on all the national flags of the world at the present time."!!

The Olympic emblem represents the continents, athough each color ring on the emblem does not symbol a continent.

Africa

America- includes North and South America

Asia

Europe
...more

Source: google search

Only 5 continents are livable by humans.

It appears to be a fallacy now.