The Airy theory of the rainbow is extended to polarized light. The degree of polarization of the rainbow is less than expected from geometrical optics; it increases with droplet size. For a droplet diameter >1 mm the locations of the supernumerary rainbows are equal for both polarization directions, but for a diameter <1 mm the supernumerary rainbows of the weaker polarization component are located between those in the strong component.