Rice bran (RB) is a nutrient-rich by-product of the rice milling process. It consists of pericarp, seed coat, nucellus, and aleurone layer. RB is a rich source of a protein, fat, dietary fibers, vitamins, minerals, and phytochemicals (mainly oryzanols and tocopherols), and is currently mostly used as animal feed. Various studies have revealed the beneficial health effects of RB, which result from its functional components including dietary fiber, rice bran protein, and gamma-oryzanol. The health effects of RB including antidiabetic, lipid-lowering, hypotensive, antioxidant, and anti-inflammatory effects, while its consumption also improves bowel function. These health benefits have drawn increasing attention to RB in food applications and as a nutraceutical product to mitigate metabolic risk factors in humans. This review therefore focuses on RB and its health benefits.