This review investigates black rice’s photochemistry, functional properties, food applications, and health prospects. There are different varieties of black rice available in the world. The origins of this product can be traced back to Asian countries. This rice is also known as prohibited rice, emperor’s rice, and royal’s rice. Black rice is composed of different nutrients including fiber, protein, carbohydrates, potassium, and vitamin B complex. It contains an antioxidant called anthocyanin and tocopherols. Antioxidants are found mostly in foods that are black or dark purple. Due to its nutritious density, high fiber level, and high antioxidant content, black rice is a good alternative to white and brown rice. Utilizing black rice in various foods can enhance the nutritional value of food and be transformed into functional food items. Many noncommunicable diseases (NCDs) can be prevented by eating black rice daily, including cancer cells, atherosclerosis, hypertension, diabetes, osteoporosis, asthma, digestive health, and stroke risk. This review aim was to discuss the role of nutritional and functional properties of black rice in the formation of functional food against different noncommunicable diseases.