Results demonstrated that rice bran obtained from the raw paddy of PB-1121 variety can be effectively stabilized by exposing to microwaves. The power level of 4 W/g for 5 min was found to be most effective treatment combination and hence selected for further long term storage studies. From the storage studies it can be concluded that rice bran treated either with parboiling or microwave treatment (4 W/g for 5 min) are effective in arresting lipase activity for its safe storage of up to 90 days. The protein and oil recovery in both the cases are significantly more than the untreated rice bran. The oil yield from the parboiled rice bran is significantly higher (23%) than the microwave treated raw rice bran (21%). The oil quality especially with respect to its storability is better for the microwave treated samples for 90 days compared to only 45 days for the parboiled samples. Moreover, microwave being a one step, dry and energy efficient processing operation reduces the energy requirement, handling and other associated problems (leaching losses of quality protein and other nutritional losses) of parboiling while achieving better results.