AbstractSri Lankan traditional and improved rice varieties were processed into brown and polished rice flours. Samples were analyzed for AM, protein, lipid, total phenolic content, and antioxidant activity. Gelatinization and retrogradation properties were observed in the Rapid Visco Analyzer (RVA) and DSC. The AM content of the samples was high to intermediate (20 to 26%) except for one which was low (17%). Brown rice flour (BRF) samples had lower swelling power, lower RVA viscoamylograph profile, lower gel hardness, lower gelatinization enthalpy but higher gelatinization peak temperature and lower melting enthalpies of its retrograded AP relative to its corresponding polished rice flour (PRF) samples. The BRF showed a lower decrease in peak viscosity in the RVA viscoamylograph as compared to its PRF when treated with α‐amylase indicating inhibition potential. The traditional rice varieties had 68 to 86% higher total phenolic content (TPC) and 86 to 90% antioxidant activity in the BRF samples as compared to the improved varieties. A study on the antioxidant profile of the brown rice of the traditional rice varieties is being undertaken to explore their value as functional foods.