Rice is the most important food crop of India. It is the staple food in most of the North Eastern parts as well as Southern part of India. Therefore, the people of North East India especially Assam is completely dependent on rice cultivation and its production. However, Assam is immensely affected by flood during the monsoon season. During that time of the year, most of the rice varieties are intolerant to water stress by submergence. Therefore, farmers are only able to cultivate deep water rice varieties during this season. Deep water rice shows an incredible tolerance to water-logged condition by escaping or managing to survive during submergence. Due to its fascinating water stress tolerance properties, it has been a major topic of concern. This review aims at encompassing the major studies done to investigate the factors responsible for making the plant tolerant to submergence and to evaluate its phytochemicals and nutritional values. Studying deeper into the plant can help in its biofortification as well as improve its yield through different breeding programs using enhanced varieties and thereby develop its marketing status.