Rice is a major cereal crop and a staple food for nearly 50% of people worldwide. Rice bran (RB) is a nutrient-rich by-product of rice processing. RB is rich in carbohydrates, fibers, proteins, lipids, minerals, and several trace elements (phosphorus, calcium, magnesium, potassium, and manganese). The extraction process and storage have influenced RB extracts and RB oil’s quality. The RB composition has also varied on the rice cultivars. The color of RB indicates the richness of the bioactive compounds, especially anthocyanins. γ-oryzanol, tocopherols, tocotrienols, and unsaturated fatty acids are major components of RB oil. It has been established that RB supplementation could improve the host’s health status. Several preclinical and clinical studies have reported that RB has antioxidant, anticancer, anti-inflammatory, anticolitis, and antidiabetic properties. The beneficial biological properties of RB are partially attributed to its ability to alter the host microbiome and help to maintain and restore eubiosis. Non-communicable diseases (NCDs), including heart disease, diabetes, cancer, and lung disease, account for 74% of deaths worldwide. Obesity is a global health problem and is a major reason for the development of NCDs. The medical procedures for managing obesity are expensive and long-term health supplements are required to maintain a healthy weight. Thus, cost-effective natural adjuvant therapeutic strategy is crucial to treat and manage obesity. Several studies have revealed that RB could be a complementary pharmacological candidate to treat obesity. A comprehensive document with basic information and recent scientific results on the anti-obesity activity of RB and RB compounds is obligatory. Thus, the current manuscript was prepared to summarize the composition of RB and the influence of RB on the host microbiome, possible mechanisms, and preclinical and clinical studies on the anti-obesity properties of RB. This study suggested that the consumption of RB oil and dietary RB extracts might assist in managing obesity-associated health consequences. Further, extended clinical studies in several ethnic groups are required to develop dietary RB-based functional and nutritional supplements, which could serve as an adjuvant therapeutic strategy to treat obesity.