These are reflected in the declining percentage of paddy land in total agricultural landholdings and the decreasing share of rice in gross agricultural production and agricultural exports. Given this trend, this paper takes a look at key issues: what are the situation and prospects of the Thai rice industry; how is rice policy evolving, together with the transformation of the rice economy; and what are the implications of these for food security, both domestically and globally? The changing role of rice in Thailand and the increasing dynamism and complexity of both the domestic and international markets call for a rethinking of the general direction of Thailand’s rice industry.