Malnutrition continues to be a crucial problem particularly in developing countries. For this, rice breeding needs to be reoriented to improve cooking quality, glycemic load, protein, amino acid, micronutrient, vitamin, phenolic and flavonoid content while increasing the yield potential. Indeed, the task is challenging as most of the traits relating to quality and nutrient status in rice are complex. In this pursuit, the authors reviewed the general background of malnutrition; explore the genetic basis for improvement of nutritional status including quality aspects and possible breeding perspective to mitigate the problem. This would certainly help breeders to develop nutritionally rich rice varieties.