We investigated the effects of the type of rice and degree of milling (DOM) on the nutraceutical content and antioxidant activity of rice (Oryza sativa L.). The fatty acid (FA), vitamin E homolog, and phenolic contents in organic (OR), pesticide-free (PFR), and conventional rice (CR) decreased significantly with an increase in the DOM of rice grains, particularly for a DOM of 7 and 9 (p < 0.05). The 2,2-diphenyl-1-picrylhydrazyl (DPPH) radical scavenging activity also decreased with the DOM; particularly, this activity decreased significantly, by approximately 60%, in rice grains with a DOM between 7 and 11, as compared to that of brown rice (p < 0.05). α-Tocopherol (r = 0.854) and p-coumaric acid (r = 0.501) showed the strongest correlation with DPPH activity in each chemical group. Stepwise discriminant analysis enabled the correct original and cross-validated classification of 87.0% and 81.5% of rice types, respectively. Additionally, the original and cross-validated classification of rice DOM levels showed that, overall, 93.8% and 92.6% of rice samples were correctly classified. Our findings reveal variations in the nutraceutical levels and antioxidant activities in rice grains based on the rice type and DOM, which can help improve the nutritional evaluation of human-health-promoting rice grains.