Black and red rice in special varieties are rice resources that exhibit black or red seed coat due to pigment deposition. It is rich in nutrients, as well as physiological activator such as anthocyanins (procyanidins), flavonoids, and terpenes. Its nutrient substance and value are significantly higher than those of white rice. Rational utilization of nutrient-rich black and red rice resources, and creating excellent new germplasm and cultivating new varieties of black and red rice are of great significance to promote the development of special rice industry. In this study, the research history and resource distribution of black and red rice were introduced; the research progress in quality, yield, resistance, and development and utilization of black and red rice were summarized, especially for the latest research progress in quality differences and formation mechanism of black and red rice. Finally, the weaknesses of current research on black and red rice were summarized, and prospects for future research directions on black and red rice were proposed.