Rye (Secale cereale L.) is abundantly cultivated in countries like Europe and North America, particularly in regions where soil and climate conditions are unfavorable for the growth of other cereals. Among all the cereals generally consumed by human beings, rye grains are characterized by the presence of the highest content of fiber. They are also a rich source of many phytochemical compounds, which are mainly distributed in the outer parts of the grain. This review focuses on the current knowledge regarding the characteristics of rye bran and wholemeal rye flour, as well as their applications in the production of both food and nonfood products. Previous studies have shown that the physicochemical properties of ground rye products are determined by the type of milling technique used to grind the grains. In addition, the essential biologically active compounds found in rye grains were isolated and characterized. Subsequently, the possibility of incorporating wholemeal rye flour, rye bran, and other compounds extracted from rye bran into different industrial products is discussed