Rice bran production significantly contributes to global environmental deterioration, yet its potential remains underutilized. This review discusses the nutritional composition, bioactive compounds, health benefits, limitations, and potential application of rice bran in both food and non-food sectors. While minor variations exist between pigmented and non-pigmented rice bran, the former is abundant in phytochemicals, which offer therapeutic benefits. The primary limitations hindering rice bran's food application include rancidity, toxic heavy metals, and antinutrients. Effective stabilization is crucial to extend rice bran's shelf life. Despite these challenges, rice bran holds significant potential for value-added products. Hence, its rich composition and diverse applications underscore its importance as a valuable resource for sustainable production practices.