Rice plants produce bioactive rice brans and hulls that have been reported to have numerous health-promoting effects in cells, animals, and humans. The main objective of this review is to consolidate and integrate the widely scattered information on the composition and the antioxidative, anti-inflammatory, and immunostimulating effects of rice brans from different rice cultivars, rice bran oils derived from rice brans, rice hulls, liquid rice hull smoke derived from rice hulls, and some of their bioactive compounds. As part of this effort, this paper also presents brief summaries on the preparation of health-promoting foods including bread, corn flakes, frankfurters, ice cream, noodles, pasta, tortillas, and zero-trans-fat shortening as well as industrial products such bioethanol and biodiesel fuels. Also covered are antibiotic, antiallergic, anticarcinogenic, antidiabetic, cardiovascular, allelochemical, and other beneficial effects and the mechanisms of the bioactivities. The results show that food-compatible and safe formulations with desirable nutritional and biological properties can be used to develop new multifunctional foods as well as bioethanol and biodiesel fuel. The overlapping aspects are expected to contribute to a better understanding of the potential impact of the described health-promoting potential of the rice-derived brans, oils, and hulls in food and medicine. Such an understanding will enhance nutrition and health and benefit the agricultural and industrial economies.