Rice is food consumed regularly and is vital for the food security of over half the world’s population. Rice production on a global scale is predicted to rise by 58 to 567 million tonnes (Mt) by 2030. Rice contains a significant number of calories and a wide variety of essential vitamins, minerals, and other nutritional values. Its nutrients are superior to those found in maize, wheat, and potatoes. It is also recognised as a great source of vitamin E and B5 as well as carbohydrates, thiamine, calcium, folate, and iron. Phytic acid and phenols are among the phenolic compounds found in rice, alongside sterols, flavonoids, terpenoids, anthocyanins, tocopherols, tocotrienols, and oryzanol. These compounds have been positively linked to antioxidant properties and have been shown to help prevent cardiovascular disease and diabetes. This review examines recent global rice production, selected varieties, consumption, ending stocks, and the composition of rice grains and their nutritional values. This review also includes a new method of paddy storage, drying, and grading of rice. Finally, the environmental impacts concerning rice cultivation are discussed, along with the obstacles that must be overcome and the current policy directions of rice-producing countries.