Rice bran (RB), a by-product of rice milling, is increasingly recognized for its versatile applications across various industries. This study analyzes and compares the physicochemical, nutritional and functional properties of RB from two high-yielding and highly consumed Sri Lankan rice varieties: Bg 300, a white rice bran and At 362, a brown rice bran. Bg 300 exhibited higher bulk density (0.40±0.01 mg/mL), oil absorption capacity (192.33±9.82%), water holding capacity (2.91±0.03 g/g), foaming capacity (13.95±2.12%), and foaming stability (64.8±13.1%). In contrast, At 362 demonstrated superior water absorption (261.1±15.9%), swelling power (3.8±0.08 g/g), and water solubility index (3.7±0.05 g/g). Nutritionally, Bg 300 contained higher fat (20.43±0.32 g/100 g), protein (11.09±0.22 g/100 g), and fiber (5.6±0.19%) contents, and potassium (0.54±1.0 g/100g) and sodium (0.007±2.12 g/100g) contents. In contrast, At 362 had significantly higher total flavonoid content (5.52±0.08 mg quercetin equivalent /g), total phenolic content (3.13±0.02 mg gallic acid equivalent/100 g), and antioxidant capacity (27.12±0.80 mmol Trolox/g). Thus, Bg 300 excelled in physical and nutritional properties, while At 362 was superior in antioxidant activity and bioactive compounds. As a whole, both Bg 300 and At 362 rice brans were rich in physicochemical, nutritional and functional properties, making them promising potential ingredients in functional foods.