For Thai people, rice is not only regarded as a staple food but a sacred plant with a spirit, a life and a soul of its own. Many exquisite cultural traditions and customs associated with rice and Thai people are usually performed nationwide from sowing to harvesting such as the Royal Ploughing Ceremony, Morale Blessing Ceremony to Phosop. During the 2007-2016 period, while the planted area (72,217,000 rai), harvested area (68,332,000 rai), production (32,874,000 ton) and yield (480 kg/rai) varied slightly, the price (10,232 Baht/ton) and value (337,849 million Baht) at farm gate steadily decreased. To raise the farmers' income, rice strategy must be changed to create higher value from exports of rice-based products by using innovation instead of exporting a high volume of commodity-grade traded at a low price. Various kinds of value-added healthy processed rice-based foods are accessible in the markets as well as food supplements, food ingredients, cosmetics and medicinal products. In Thailand, rice is mainly consumed as normal cooked rice or glutinous rice and processed into flour, noodle, alcoholic drink, snacks, baked foods, desserts and beverages. Recently, organic rice, pigmented rice and low glycemic index rice with higher price and nutritive value have been available as an alternative choice for health conscious consumers and people with non-communicable disease. Innovative and functional products from that premium rice have been widely encouraged. This will help to support Thai rice farmers and help in strengthening and leading to sustainable Thai economy.