The increased use of a new rice cultivar is the result of increasing consumer demands for healthier choices. In this study, physicochemical, thermal, pasting, and functional properties of flour from RD43 rice, a new rice variety, and its food application were investigated. RD43 rice flour demonstrated an irregular and polyhedral shape with a volume mean diameter of 103 ± 0.15 µm. In addition, the amylose content of RD43 rice and Hom Mali rice flour was 19.04% and 16.38%, respectively. The X-ray diffraction (XRD) and Fourier Transforms Infrared (FTIR) confirmed the presence of a V-type crystalline structure and less crystallinity in RD43 rice flour, which resulted in a significant reduction of the water absorption index (WAI), swelling power (SP), water solubility index (WSI), gelatinization temperature, and pasting properties. Comparing with Hom Mali rice flour, RD43 rice flour had greater ability to disrupt cholesterol micellization and bind bile acid. Furthermore, it had lower starch digestibility, with a lower percentage of rapidly digestible starch (RDS) and higher percentage of undigestible starch than Hom Mali rice flour. Moreover, steamed muffins based on RD43 rice flour had lower starch digestibility than Hom Mali steamed muffins. The sensory analysis showed no significant differences between Hom Mali and RD43 steamed muffins. The findings suggest that RD43 rice flour could be an alternative ingredient for lowering the glycemic index of food products.