Abstract: Variants of anthocyanins content in grain hull gives brown rice the appearance of varied colors such as black, purple, red, green, yellow, etc. These varieties of rice are, therefore, categorically termed as “colored rice”. The beneficial and functional components in colored rice include amino acids, functional lipids, dietary fiber, vitamins, minerals, anthocyanins, phenolic compounds and γ-oryzanol. Such substances are either nutritionally or medicinally advantageous to the human well-being and valued by the consumers making colored rice highly popular on the market. For instance, in comparison to research activities on the regular varieties, programs specifically targeting colored rice are relatively few and commercial products emphasizing the functionality sparse. This article reviews the status on the germplasm resource, evaluation, utilization, functional ingredients, characteristics, genetics, breeding and application of colored rice. Obstacles hinder the industrial development are analyzed. Hence, in the attempt to expand the utilization and meet the market demand of colored rice, systematic and effective studies on the germplasm genetics for advancements in breeding and the rice chemistry for new product development would be indispensable.