The prayer flag tradition is ancient dating back thousands of years in India and to the shamanistic Bon tradition of pre-Buddhist Tibet. Blue  for sky or space White  for air or clouds Red  for fire Green  for water Yellow  for earth They also represent directions  North South East West and Center. Balancing these elements externally brings harmony to the environment. According to Traditional Tibetan medicine health and harmony are produced through the balance of the five elements. Om Mani Padme Hum has a very deep meaning Om- The sacred syllable Mani- Jewel Padme  Lotus Hum  Spirit of enlightenment This mantra does not have one particular meaning. It a combination of values like compassion ethics patience diligence renunciation and wisdom.