Rice bran oil is recommended by the World Health Organization as one of the three major healthy edible oils (along with corn and sesame oils), owing to its unique fatty acid composition and functional components. This study screened, organized, and analyzed a large number of studies retrieved through keyword searches, and investigated the nutritional value and safety of rice bran oil. It reviews the stability of raw rice bran materials and the extraction and refining process of rice bran oil and discusses food applications and sub-health regulations. Research has found that a delayed stabilization treatment of rice bran seriously affects the overall quality of rice bran oil. Compared with traditional solvent extraction, the new extraction technologies have improved the yield and nutritional value of rice bran oil, but most of them are still in the research stage. Owing to the lack of economical and applicable supporting production equipment, extraction is difficult to industrialize, which is a challenging research area for the future. Rice bran oil has stronger antioxidant stability than other edible oils and is more beneficial to human health; however, its application scope and consumption are limited owing to the product price and lack of understanding. Rice bran oil has significant antioxidant, anti-inflammatory, anti-cancer, hypoglycemic, lipid-lowering, and neuroprotective effects. Further exploratory research on other unknown functions is required to lay a scientific basis for the application and development of rice bran oil.