Energy demands of industry, agriculture, transport and domestic sectors of a developing nation are primarily in terms of electricity and transportation fuel. Rice is a major crop in many developing countries. The residues of this crop, viz. rice husk, and rice straw have high potential for bioenergy generation. This review article tries to explore potential of this bio-resource and emphasizes its effective utilization for energy production through techno-economic analysis. The structure, properties, and treatment of rice crop residues have been described. A literature review in production of various biofuels through thermo-chemical and biochemical conversion of rice straw and husk has been presented. Finally, brief literature review on economic analysis of production of liquid and gaseous biofuels from rice crop residues through biochemical and thermo-chemical routes has been presented. This analysis reveals that production of different biofuels from rice crop residues is economically viable. This review emphasizes that bioenergy from rice crop residues provides simultaneous solution to issues of energy security and climate change risk in developing nations.