Crude rice bran oil (RBO) is rich in valuable minor components such as tocotrienols, phytosterols and c-oryzanol. These compounds are well preserved during physical refining, but in current industrial practice, RBO is mostly refined chemically because this results in a lighter color. However this process removes most of the c-oryzanol. The challenge is to develop a refining process which combines a high c-oryzanol retention with the commercially desired light color. A modified physical refining process was developed, consisting of an acid degumming, prebleaching, dewaxing, physical removal of free fatty acids using packed column technology, a modified washing step, conventional bleaching and deodorization. A RBO with acceptable oryzanol retention of 39% had a Lovibond red color value (measured with a 5.25-inch cell) of 2.8, approaching very close the color of a chemically refined RBO (red = 2). At the process step where high (94%) retention of c-oryzanol was achieved, a somewhat darker Lovibond red value of 5.2 was obtained.