Rice, a crucial food crop, provides high-quality protein with well-balanced nutrition, in line with the guidelines of the Food and Agriculture Organization of the United Nations (FAO) and the World Trade Organization (WTO). Recent studies have focused on the composition and potential health benefits of rice protein, along with the challenges of applying it in the food industry. Renowned for its hypoallergenic properties, rice protein encompasses albumin, globulin, glutelin, and protein, constituting a rich source of essential amino acids vital for human health. Recent research has found that rice protein has various physiological functions, such as anti-oxidant, anti-inflammatory, DNA protective effect, lipid-lowering effect, anti-hypertensive, anti-diabetic, anti-cancer, etc. Due to its potential role in physiological regulation, rice protein is an ideal source for developing nutritional products and protein-rich ingredients. This review article aims to summarize the latest research progress in these areas. This review article aims to summarize the composition and various physiological functions of rice protein, analyzes the molecular mechanisms of its anti-oxidant, anti-inflammatory, DNA protective effect, and lays a theoretical foundation for the application of functional rice protein.