Rice is the primary diet for the vast majority of the world's population. Since rice is a mainstay of the diet for most Asians, research must be prioritized to boost rice productivity. Scientific advances have unveiled various techniques for sustainable rice production. One promising strategy is understanding plant-microbe interactions, which significantly affect plant health, growth, and productivity. In addition to its agricultural significance, the rice plant harbors a diverse microbiome within its rhizosphere, phyllosphere, and endosphere, which plays a crucial role in its growth, health, and resilience to stress. This review examines the intricate interactions within the rice microbiome, highlighting its functional diversity and critical roles in nutrient cycling, pathogen control, and stress alleviation. Soil properties, environmental circumstances, and agronomic methods are crucial determinants influencing microbial community composition and functionality. Additionally, the rice microbiome demonstrates dynamic alterations under stress conditions, adapting to biotic and abiotic challenges. The mechanisms involved in the rice microbial community assembly and shifts under various stress situations are also dealt. Lastly, the progress in microbiome research, the prospects for microbiome-based therapies in rice cultivation, and the difficulties in applying these insights into field applications are highlighted. Therefore, a deeper understanding of the microbial shifts during various stress conditions and extensive studies on the functional aspects of rice microbiome, attained through this review, present transformative prospects for improving agricultural resilience, productivity, and sustainability amid global environmental and food security issues.