Plant and plant-derived foods including those of whole grains, cereals (soft and coarse) nuts, fruits and vegetables are instrumental in health promotion and disease risk reduction. Pigmented rice among cereals are considered to be beneficial in terms of nutraceutical and health benefits. Recent scientific investigations are, therefore, focused in the theme related to development and commercialization of pigmented rice, nutraceuticals and rice products around the globe. Processing plays an important role in the retention of these bioactive molecules. It is believed that certain unprocessed or minimally processed red rice might have superior health benefits compared to their processed counterparts. This overview provides a cursory account of the topic of nutraceuticals and antioxidant activity with emphasis on the use of whole red rice versus their processed and minimally processed red rice counterparts.