Leaf senescence is an important physiological process involving the degradation of a number of metabolites and their remobilization to new reproductive and storage organs. NAC (NAM, ATAF, and CUC) transcription factors are reported as important regulators of the senescence process. Here, we describe the identification and functional characterization of the NAC transcription factor gene, OsY37 (Oryza sativa Yellow37, ONAC011) obtained from Oryza sativa cv. indica, and japonica. We created transgenic plants expressing the OsY37 gene under the control of a strong and constitutive CaMV35S promoter. The resulting transgenic plants overexpressing OsY37 gene showed early heading and precocious senescence phenotype of flag leaves compared with wild-type plants. By contrast, blocking the function of this gene via RNAi (RNA interference) and CRES-T (Chimeric Repressor Silencing Technology) technology, delayed both heading time and leaf senescence. Furthermore, knockdown of OsY37 expression caused dwarfism and high accumulation of chlorophyll during the vegetative phase. Irrespective of early or delayed senescence, transgenic plants showed reduced grain yields. Our results indicate that OsY37 acts as a positive regulator of heading and senescence during the reproductive phase in rice. In addition, OsY37 may be involved in plant development and grain yield.