Plant byproducts are widely appreciated as they are inexpensive, biocompatible, and easily accessible. Rice (Oryza sativa L.) is one of the major crops cultivated and consumed by a considerable population globally, especially in Asia. Rice bran is a nutrient and bioactive component-rich layer constituting 8–10% of the whole rice grin. It is a good source of carbohydrates, protein, fat, fibers, vitamins, minerals, and phytochemicals. After milling and polishing, the endosperm is left in the whole rice, and the other parts, like bran, husk, and embryo, are separated as waste. Utilizing such wastes, especially rice bran, for their beneficial characteristics creates a win-win situation in the food and health industries and waste management. Due to the nutrient and functional activity of the different bioactive components, rice bran has gained the spotlight in public health management. Pathophysiological conditions like cancer, cardiovascular diseases, hyperglycemia, obesity, hyperlipidemia, and other chronic diseases could be encountered by utilizing the functional properties of the phytochemicals present in rice bran. Rice bran proteins are gaining a stronghold and esteemed recognition in drug delivery due to their negligible toxicity and biocompatibility. As people become more conscious about their quality of life by uncompromising with health and fitness, rice bran products are in demand. The food and health industries are developing a wide range of commercially marketed rice bran products for their high nutritional and functional qualities. Regardless of their functional abilities, some risk factors associated with allergies and heavy metals in rice bran have emerged recently. In a nut cell, this chapter demonstrates a better understanding of rice bran and rice bran products, along with the mechanism of action of its bioactive compounds in different chronic diseases.