Rice (Oryza sativa L.) is one of the major cereal crops for consumption by the world's population. Recently, various colored rice, such as white, red, brown, green, and black rice, have caught the attention of world consumers. The commercial name 'black rice' contains a high amount of anthocyanins in pericarp, which increases nutritional value. Moreover, anthocyanin in black rice possesses biomedical properties, including anti-oxidant, anti-cancer, and anti-inflammatory effects in humans. In genetics, black rice has a dominant PURPLE PERICARP (Prp) trait governed by two genes, Pb and Pp, which are involved in the synthesis of cyanidin-3-O-glucoside (C3G). Since the publication of a report by Nagai at 1921, the genetics and physiological studies of black rice driven by Prp traits are still unable to understand the relevant genes and their roles. However, with the increased demand for anthocyanin-rich black rice as a functional food for human health, it has become urgent to develop highyielding anthocyanin-rich varieties of rice. We explored many years in the genetics of purple pericarp trait, anthocyanin biosynthesis in pericarp during seed development, and, consequently, their products in relation to different physiological and agronomic traits. In this review, we summarized the anthocyanin biosynthesis in pericarp, emphasizing the inheritance pattern of the trait and functions of their products on different physiological and agronomic traits, including the yield of black rice.