As a kind of colored rice, black rice is rich in various essential nutrients including essential amino acids, dietary fiber, γ-oryzanol, γ-aminobutyric acid, and anthocyanins as well as bioactive substances. Due to the high nutritional value, the health effects of black rice have received more and more attention from scholars in recent years. Studies have shown that storage and processing methods have important impacts on the quality and phytochemical components such as dietary polyphenols of black rice. This article reviews recent progress in understanding the effects of different storage and processing methods on the quality and nutritional composition of black rice. It also discusses problems existing in the storage and processing of black rice. Hopefully, this review will provide a reference for in-depth studies on the storage and processing of black rice and its health effects.