This study focuses on the utilization of rice residue as a feedstock for biofuels and chemicals. Bioethanol is a renewable energy source that has been attracting attention in recent years as a substitute to fossil fuels. Numerous bacteria naturally produce polyhydroxyalkanoate (PHA) biopolymer that has garnered a lot of attention because of its biodegradability, lack of toxicity, and biocompatibility. Because rice residues, such as rice straw and rice husk, are abundant and a renewable resource; therefore, it is a good choice for the production of PHA and bioethanol. Among its many qualities is a high cellulose and hemicellulose content, which requires pretreatment and enzymatic hydrolysis and then transforms into fermentable sugars. The selection of a suitable pretreatment technique is a major challenge in the development of technology for the production of bioethanol and PHA from rice residue. The selection of pretreatment methods is essential in order to maximize the effectiveness of the enzyme saccharification process, thus making the entire process cost-effective. The present study examines the various technologies available for the production of bioethanol and PHA using rice residue as feedstock.