Rice bran protein (RBP) is a great resource of premium protein. However, rice bran (RB) rancidity, which inevitably occurs during rice milling, can induce RBP oxidation, further affecting the nutritional value of RBP. This study focused on the impact of RBP rancidity on the nutritional value of oxidized RBP. RBP with varying oxidation degrees and doses was given to mice via a 12-week intragastric administration. Oxidized RBP interfered with hepatic function and inflammation, and decreased the antioxidant capacities of the liver. Oxidized RBP also disturbed the hepatic lipid metabolism, and excessively oxidized RBP caused intrahepatic lipid accumulation and hepatic damage. Furthermore, oxidized RBP triggered the MyD88/NF-κB pathway but inhibited the Keap1-Nrf2/ARE pathway in the liver. Correlation analysis revealed that the protein expression of the Nrf2 pathway was negatively correlated with the NF-κB pathway. Results implied that oxidized RBP induced hepatic damage and hepatic dysfunction, indicating the deteriorating nutrition of oxidized RBP. The results exhibited the nutritional value of RBP after oxidative modification, and implied the importance of optimizing food-processing strategies to reduce the degree of protein oxidation, thereby avoiding the nutritional loss of dietary protein.