China has abundant rice resources, and its processed product, rice bran oil (RBO), not only has a balanced fatty acid composition but is also rich in lipid-associated compounds such as γ-oryzanol, phytosterols, and vitamin E, which are highly beneficial to human health. This study primarily conducted a literature review and analysis of the nutritional research progress on rice bran oil and its γ-oryzanol. It systematically outlined the nutritional effects and potential mechanisms of RBO and its γ-oryzanol in areas such as blood lipids, blood glucose, mood/sleep, muscle strength/physical performance, and immune regulation. Among them, the effect of RBO on blood lipids were mostly studied with clinical trials. RBO consumption may effectively improve lipid parameters, and reduce the risk of dyslipidemia/hyperlipidemia, which could play a role in the prevention and control of cardiovascular disease in adults. This study has provided a reference for understanding the nutritional properties and potential applications of rice bran oil and γ-oryzanol. However, further research is needed to explore the health effects and mechanisms of RBO in different populations.