Rice is one of the most important crops in the world. The wild species of rice are expected to have novel beneficial alleles that have been lost from cultivated rice during the process of domestication. Therefore, wild species could be the potential source to induce lost genetic diversity in cultivated rice. Serving as an important reservoir of novel genes/QTLs, wild species, in general, are better adapted to different ecologies and can tolerate many biotic and abiotic stresses. Despite that, only a few wild species are studied and extensive characterization both at the molecular and morphological level is yet to be achieved. Several agronomically important genes/QTLs for improving biotic and abiotic stresses, resistance, productivity and grain quality traits were identified from AA genome donor wild species and were tagged with breeder friendly molecular markers for their transfer to elite genetic backgrounds. The present review provides information on the important wild rice species harbouring genes/QTLs for agriculturally important traits and their successful utilization in rice breeding programmes.