Looking of the Olympic flag gives the impression that there is only one flag and that looking at the Olympic flag that is on display in the Olympic stadium is the only one in existence. This is not exactly true. In reality there are three main Olympic flags aside from the numerous flags created to represent the other organizations involved in the Olympics. The main flag, and the one that the world sees, is the huge white flag with the multi colored rings. This flag is raised after the Olympic torch is lit during the opening ceremonies to signify the opening of the Olympic games and it is lowered after the Olympic torch is doused to signify the end of the Olympic games. That flag you see at those particular opening and closing celebrations is the same flag for the Winter Olympic and Summer Olympics.
But each host city gets an Olympic flag as well and that has changed somewhat over the years. In 1920 the host city of Antwerp, Belgium present the International Olympic Committee with what became known as the Antwerp Flag. It was the flag passed around to each host of the Summer Olympic games until the Antwerp Flag was retired after the 1988 Summer Olympics in Seoul, South Korea and not it is on display in the Olympic Museum in Lausanne, Switzerland. For the 1992 Summer Olympics they began using the flag presented to International Olympic Committee by the city of Seoul after the 1988 games. Now the Seoul Flag is passed from Summer Olympic host to Summer Olympic host. The Oslo Flag was presented to the International Olympic Committee by the city of Oslo, Norway after the 1952 Winter Olympic games and continues to be passed to the next Winter Olympic host city. The Olympic host flags are usually flown at the city hall of each host city. The previous host city will usually pass the Olympic host flag to the next host city in an event at the Olympic closing ceremonies.