Pelletization of the loose rice straw is an attractive option to produce renewable fuels. In this paper, we focus on the problem of how to improve this pelletization process, especially to reduce energy consumption and improve product quality. In detail, we pretreat rice straw and investigate the densification characteristics of the pretreated materials. Pretreatment methods of the materials include hydrothermal treatment and adding a certain proportion of economic additives, such as rapeseed meal, waste engine oil, etc. The pretreated rice straw was pelletized by using a biomass densification platform, then the energy consumption and pellet quality were tested. Experimental results indicate that the hydrothermal pretreatment played an important role in reducing energy consumption and improving the product quality, and waste engine oil has a better effect than the rapeseed meal. We also observe that the obtained pellet quality reaches the standard of middle-grade coal, and the proposed pretreatment method realizes the comprehensive utilization of waste agricultural resources.