Rice, a pivotal staple crop, serves as a dietary foundation for approximately half of the global population. Its cultivation, traditionally reliant on submerged conditions, faces significant challenges due to sudden flooding events. The majority of rice varieties are highly sensitive to prolonged submersion beyond a mere seven days, resulting in substantial yield losses. As global climate patterns shift, the occurrence and intensity of flooding are predictable to increase, exacerbating this issue. Therefore, development of rice varieties having enhanced submergence tolerance is critical to sustaining productivity and ensuring food security in flood-prone regions. Understanding the physiological and biochemical mechanisms underlying submergence tolerance is crucial in this context. Key physiological mechanisms include the regulation of carbohydrate reserves for energy during low oxygen availability, ethylene-responsive factors, especially the Sub1A gene to, regulate growth and stress responses, curbing excessive elongation to conserve energy and enhance survival. Additionally, specialized tissues such as aerenchyma and adventitious roots improve oxygen transport and nutrient uptake under flooded conditions. Genetic approaches, including Marker-Assisted Selection (MAS), have been instrumental in the development of submergence-tolerant rice varieties. The integration of the Sub1 QTL, especially the Sub1A gene, into high-yielding rice varieties has led to significant advancements in breeding submergence-tolerant cultivars. These genetic improvements provide a promising solution to mitigate the detrimental effects of flooding on rice production, ensuring the stability and sustainability of this essential crop in the face of changing climate conditions. This review discusses various mechanisms adapted by rice and genetic advancements aimed at enhancing submergence tolerance in rice to secure food production for future generations.