We present a study of the ionized, neutral atomic, and molecular gas associated with the ring nebula RCW 78 around the WR star HD 117688 (= WR 55). We based our study on CO observations carried out with the SEST and NANTEN telescopes. We report the detection of molecular gas with velocities in the range -56 to -33 km/s. The CO emission is mainly connected to the western section, with a total molecular mass of 1.3 x 10^5 solar masses. The analysis of the HI gas distribution reveals the HI envelope of the molecular cloud, while the radio continuum emission shows a ring-like structure, which is the radio counterpart of the optical nebula. The gas distribution is compatible with the western section of RCW 78 having originated in the photodissociation and ionization of the molecular gas by HD 117688, and with the action of the stellar winds of the WR star. A number of infrared point sources classified as YSO candidates showed that stellar formation activity is present in the molecular gas linked to the nebula. The fact that the expansion of the bubble have triggered star formation in this region can not be discarded.