The pulsed electric field (PEF) was applied to improve the extraction yield and properties of rice bran proteins from two rice varieties (“Kum Chao Mor Chor 107” and “Kum Doi Saket”). As compared to the conventional alkaline extraction, PEF treatment at 2.3 kV for 25 min increased the protein extraction efficiency by 20.71–22.8% (p < 0.05). The molecular weight distribution detected by SDS-PAGE and amino acid profiles of extracted rice bran proteins was likely unchanged. The PEF treatment influenced changes in the secondary structures of rice bran proteins, especially from the β-turn to the β-sheet structure. Functional properties of rice bran protein including oil holding capacity and emulsifying properties were significantly improved by PEF treatments by about 20.29–22.64% and 3.3–12.0% (p < 0.05), respectively. Foaming ability and foam stability increased by 1.8- to 2.9-fold. Moreover, the in vitro digestibility of protein was also enhanced, which was consistent with the increment of DPPH and ABTS radical-scavenging activities of peptides generated under in vitro gastrointestinal digestion (37.84–40.45% and 28.46–37.86%, respectively). In conclusion, the PEF process could be a novel technique for assisting the extraction and modification of the protein’s digestibility and functional properties.