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Let’s start! First of all you should create new document sized 500×500 pixels and fill our new canvas with black color.

After that use the Horizontal Type Tool to add the text line with any color (I prefer to use white color) in the middle of the canvas. The font that I’ve used for this tutorial AvantGarde Md BT. Set up following presets for your text:

You should have the same result as mine:

Ok, after that use Layer > Rasterize > Type to rasterize type layer. Then get out the Rectangular Marquee Tool to create selection as on my picture below and press Ctrl+Shift+J to cut selected letter to the new layer.

After that apply Color Overlay layer style to new layer:

Now we have something like this:

Ok, go back to the text line layer and cut every letter to separate layer in the same way. Apply the same Blending Options to each letter. Use following colors: #074d9d, #0496b7, #00992b, #8c9f09, #a55405 and #9f0929.

After that merge all letters in one layer again and press Ctrl+J to duplicate current layer. Go to lower original layer and apply Filter > Blur > Motion Blur with similar settings to these:

Now we have effect like this:

Ok, looking good, isn’t it? Keep on creating effect. Go to the upper layer and use Select > Load Selection to load selection of our text line. Now, use the Rectangular Marquee Tool and hold Alt button to cut away lower part of selection. Fill selected area with white to transparent gradient.

Ok, we are almost done! Remove selection with Ctrl+D and use the Horizontal Type Tool again to add one more text line. Apply the next text presets for current text layer:

You can see the result below:

Then apply the Gradient Overlay layer style to current text layer:

Final Result :

Via : Rainbow Text Wallpaper