Rice bran, a byproduct of milling rice (Oryza sativa), is widely used in Asian preserved foods and the feed industry. Rich in carbohydrates, protein, fat, and various bioactive compounds, it offers significant growth and health benefits. It is commonly used as a replacement for cereals and grains as an energy source in the diet. However, its potential as animal feed is constrained by antinutritional factors and susceptibility to rancidity due to lipase activity. Recently, there has been a growing interest in fermentation to enhance rice bran's nutritional profile. It has been confirmed that fermenting rice bran could increase the proportion of crude protein and fat. Moreover, feeding fermented rice bran (FRB) improves the growth performance of food-producing animals by increasing efficiency. These results, along with their beneficial effect on gut microbiota, may improve the overall health of food animals. In this review, we aimed to summarize the latest research on the fermentation of rice bran, focusing on the role of microorganisms and the factors influencing the quality and nutritional value of FRB. Additionally, we will explore the impact of FRB on nutrient composition and animal performance, highlighting its potential as a valuable feed ingredient.