Rice Bran oil (RBO) extraction and uses are increasingly studied due to its unique fatty acid profile, desirable physical properties, and high nutritional value. RBO is a rich source of bioactive compounds, including γ-oryzanol, tocopherols, tocotrienols, and phytosterols, which have strong antioxidant, anti-inflammatory, and hypolipidemic effects that may help prevent or manage chronic diseases such as hypercholesterolemia, hypertension, and diabetes. Historically, however, RBO was produced by thermal solvent extraction. Recently, new "green" technologies, such as ultrasound-assisted extraction, microwave-assisted extraction, and supercritical fluid extraction, have demonstrated higher extraction efficiencies than traditional methods and better-preserved heat-labile bioactive compounds. Therefore, this review aims to provide a comprehensive synthesis of the current state of knowledge on extraction techniques, compositional profile, functional and phytochemical attributes, multifaceted health benefits, and economic feasibility of RBO. In addition, the review will outline the most recent developments in the applications of RBO in the food, cosmetic, and pharmaceutical industries, while highlighting sustainability and the added value of rice byproducts. This study highlights that hybrid green extraction approaches can achieve 12–25% oil yields while retaining high levels of γ-oryzanol and tocotrienols, and techno-economic analyses suggest that integrated processes combining oil recovery with valorization of rice bran byproducts can enhance commercial viability. Finally, the review demonstrates the potential of RBO as a versatile, bifunctional lipid and outlines avenues for future studies to optimize extraction methods, increase recovery of bioactive compounds, and expand industrial applications.