Rapeseed meal (RSM) is an agro-industrial residue of increased functional biological value that contains high-quality proteins for animal feed. Due to the presence of antinutritional factors and immature development technology, RSM is currently used as a limited feed additive and in other relatively low-value applications. With increasing emphasis on green and sustainable industrial development and the added value of agro-industrial residues, considerable attention has been directed to the removal of antinutritional factors from RSM using high-efficiency, environment-friendly, and cost-effective biotechnology. Similarly, the high-value biotransformations of RSM have been the focus of research programmes to improve utilization rate. In this review, we introduce the sources, the nutrient and antinutrient content of RSM, and emphasize improvements on RSM feed quality using biological methods and its biotransformation applications.