Rice is a major cereal food crop and staple food in most of the developing countries. India stands second in the production of rice next to China. Though almost 40,000 varieties of rice are said to exist, at present, only a few varieties are cultivated extensively, milled and polished. Even if white rice is consumed by most people around the world, some specialty rice cultivars are also grown. These include the coloured and aromatic rice varieties. The nutritional profile of the specialty rice is high when compared to the white rice varieties. The coloured rice, which usually gets its colour due to the deposition of anthocyanin pigments in the bran layer of the grain, is rich in phytochemicals and antioxidants. Rice bran, a by-product of the rice milling industry is under-utilised, is rich in dietary fibre which finds application in the development of functional foods and various other value-added products. Thus, more focus on specialty rice and its by-products will not only save it from becoming extinct but also lead a step forward towards nutrition security of the country as they are abundant in vitamins, minerals and polyphenols.