Rice is one of the most important global food crops and a primary source of calories for more than half of the world’s population. There are two cultivated and twenty-one wild species of genus Oryza. O. sativa, the Asian cultivated rice is grown all over the world. The African cultivated rice, O. glaberrima is grown on a small scale in West Africa. The genus Oryza probably originated about 130 million years ago in Gondwanaland and different species got distributed into different continents with the breakup of Gondwanaland. The cultivated species originated from a common ancestor with AA genome. Perennial and annual ancestors of O. sativa are O. rufipogon and O. nivara and those of O. glaberrima are O. longistaminata, O. breviligulata and O. glaberrima probably domesticated in Niger River delta. Varieties of O. sativa are classified into six groups on the basis of genetic affinity. Rice production increased steadily during the green revolution era primarily as a result of introducing high-yielding rice varieties. World rice production increased at a rate of 2.3–2.5% per year during 1970s and 1980s, but this rate of growth was only 1.5% per year during the 1990s. The yield growth rate for rice has further declined during the first decade of this century. However, the populations in the major rice-consuming countries continue to grow at a rate of more than 1.5% per year. According to various estimates, world rice production must increase at the rate of 2 million tons per year. To meet this challenge, rice varieties with higher yield potential and greater yield stability are needed. Various strategies for increasing the yield potential of rice include; conventional hybridization and selection, F1 hybrid breeding, modification of plant architecture, and enhancement of photosynthesis. Many genes and QTLs have recently been identified which will assist with rice breeding objectives.