Light intensity is one of the most important environmental factors that determine the basic characteristics of rice development. However, continuously cloudy weather or rainfall, especially during the grain-filling stage, induces a significant loss in yield and results in poor grain quality. Stress caused by low light often creates severe meteorological disasters in some rice-growing regions worldwide. This review was based on our previous research and related research regarding the effects of low light on rice growth, yield and quality as well as the formation of grain, and mainly reviewed the physiological metabolism of rice plants, including characteristics of photosynthesis, activities of antioxidant enzymes in rice leaves and key enzymes involved in starch synthesis in grains, as well as the translocations of carbohydrate and nitrogen. These characteristics include various grain yield and rice quality components (milling and appearance as well as cooking, eating and nutritional qualities) under different rates of shading imposed at the vegetative or reproductive stages of rice plants. Furthermore, we discussed why grain yield and quality are reduced under the low light environment. Next, we summarized the need for future research that emphasizes methods can effectively improve rice grain yield and quality under low light stress. These research findings can provide a beneficial reference for rice cultivation management and breeding program in low light environments.