Rice bran （BR） was treated by superheated steam（SS） at the temperature of 120-160 ℃ for 1-5 min， Lipase activity was used as an index to select rice bran samples with good passivation lipase activity. The effects of SS treatment on the nutritional properties （Total phenolic content， total antioxidant capacity， phenolic acid composition changes， α-tocopherol content， γ-oryzanol content） and storage stability （fatty acid value， peroxide value， carbonyl value） of rice bran were evaluated. The results showed that the activity of lipase in rice bran had no significant changes after treated with SS at 120 ℃， 4 min； 130 ℃， 4 min； 140 ℃， 3 min； 150 ℃， 3 min； 160 ℃， 2 min. Rice bran at this time known as the best passivation lipase point rice bran， and its lipase activity decreased to 30.99%-13.41%. Compared with the rice bran， the total phenolics content， the total antioxidant capacity and the total phenolic acid content of the rice bran with the best passivation lipase point rice bran are significantly increased， The main contribution is the significant increase of ferulic acid and p-hydroxybenzoic acid； α-tocopherol and γ-oryzanol content decreased insignificantly. SS treatment significantly increased the stability of rice bran. At the 25th week， the fatty acid value， peroxide value and carbonyl value of rice bran at the best passivation lipase point rice bran were 36.0%-21.87%， 50.0%-44.3% and 30.3%-22.1% of BR， respectively， which effectively extended the storage period of rice bran. Considering the nutritional properties and storage stability of rice bran， rice bran obtained under the condition of 130 ℃， 4 min was the best.