[inDheart]

Originally Posted by DarkZtar

It doesn't really stand for anything, It's just an acronym for the main characters in the show (and the name of their team)

Ruby
Weiss
Blake
Yang

It's also basically western anime (kinda).

as well as the colors associated with them: red, white, black and yellow

to better locate the song, This Will Be The Day is the theme of the first season (or "volume") of the show