Rice is an essential crop, growing in nearly every part worldwide. Grains are the most common rice plant part consumed as food; however, other plant parts also have some significant values apart from grains. Rice bran is the outer layer of the rice grain, an excellent source of various phenolic, flavonoid, and phytoactive compounds. This review article discusses the various compounds found in rice bran with their structure and properties. Different medicinal properties of rice bran are also discussed in this review article. Several constituents of rice bran show anticancerous activity through various mechanisms like cell cycle arrest and regulation of apoptotic factors. Anti‐inflammatory, antidiabetic, antihypertensive, and cholesterol‐lowering are the other activities of rice bran, briefly explained in the article, along with their mechanism of action. A bibliographic network, including keyword bibliography analysis and a three‐field plot, has also been discussed to show the trends and network of common keywords in the recently published documents in the Scopus database. Overall, this review explores the rice bran compositions with their structures, activity, and various medicinal uses of rice bran, which can be proven an efficient oil source for nutritional purposes.