The established use of wheat bran (WB) as a food ingredient is related to the nutritional components locked in its dietary fibre. Concurrently, the technological impairment it poses has impeded its use in product formulations. For over two decades, several modifications have been investigated to combat this problem. Ninety-three (93) studies (review and original research) published in English between January 1997 and April 2021 reporting WB modifications for improved nutritional, structural, and functional properties and prospective utilisation in food formulations were included in this paper. The modification methods include mechanical (milling), bioprocessing (enzymatic hydrolysis and fermentation with yeasts and bacteria), and thermal (dry heat, extrusion, autoclaving), treatments. This review condenses the current knowledge on the single and combined impact of various WB pre-treatments on its antioxidant profile, fibre solubilisation, hydration properties, microstructure, chemical properties, and technological properties. The use of modified WB in gluten-free, baked, and other food products was reviewed and possible gaps for future research are proposed. The application of modified WB will have broader application prospects in food formulations.