Starch is among the most abundant natural compounds in nature after cellulose. Studies have shown that the structure and functions of starch differ extensively across and among botanical types, isolation procedures, and climate factors, resulting in starch with significant variations in its chemical, physical, morphological, thermal, and functional characteristics. To enhance its beneficial properties and address inherent limitations, starch is modified through various techniques, resulting in significant alterations to its chemical and physical characteristics. These structural modifications impart considerable technological and industrial versatility. In the food sector, modified starch serves as a thickener, shelf-life extender, fat replacer, texture modifier, gelling agent, and stabilizer. In non-food applications, it functions as a sizing agent, binder, disintegrant, absorbent, and adhesive and is employed in construction as a sealant and to improve material bonding strength. The demand for modified starch has surpassed that of its native counterpart, reflecting its growing market value and the industry’s interest in products with novel functional attributes and enhanced value. This study focuses on rice starch, highlighting its structure and composition and their impact on physicochemical properties and functionality. Additionally, it examines the enhancement of its techno-functional characteristics, achieved through various modification processes.