Micronutrient malnutrition, characterized by insufficient intake levels of vitamins and minerals, is a major public health problem that affects about 2 billion people worldwide. In order to reduce the burden of this “hidden hunger”, biofortification is more and more being advocated as an alternative to current micronutrient interventions. Through enhancement of the micronutrient level of staple crops, it could address micronutrient malnutrition where the need is highest. Because staple crops are characterized by low micronutrient concentrations, genetic breeding techniques are often applied to increase levels of specific vitamins, such as folate and provitamin A. This study sheds light on the global status of micronutrient malnutrition, biofortification, and GM biofortified rice as both a GM food product with health benefits and a micronutrient intervention. Thereby, key consumer preference studies and cost-effectiveness analyses on Folate Biofortified Rice and Golden Rice are presented. Support is found for GM biofortified rice as a well-accepted GM food crop and a highly cost-effective health intervention.