This research investigated the physicochemical properties, bioactive compounds, and microstructure of brown rice (BR) and non-parboiled and parboiled germinated brown rice (GBR and PGBR). The GBR and PGBR were treated by sun, hot-air oven, or infrared irradiation (IR) drying. The results showed that IR drying enhanced the bioactive compounds of non-parboiled GBR, including γ-aminobutyric acid, α-tocopherol, and total phenolic compounds, while γ-oryzanol and antioxidant activity were comparable to BR. Meanwhile, IR drying significantly improved the head rice yield (HRY) of PGBR while reducing fissured grains. Parboiling also affected the color values of rice grains, suggesting the diffusion of husk color into endosperm and the formation of brown polymers by the Maillard reaction. In addition, IR drying altered the internal structure of rice grains, resulting in abundant intercellular voids. Specifically, the IRdried non-parboiled GBR significantly enhanced essential bioactive compounds and improved HRY while maintaining the color of standard BR.