Rice blast disease, caused by the fungal pathogen Magnaporthe oryzae, poses severe threat to rice yield and quality worldwide. It is important to identify blast resistance genes from rice germplasms and systematically study molecular mechanisms of rice resistance in order to develop effective methods for preventing rice from this disease. Here, we summarize recent advances in the study of rice blast resistance, including isolation of resistance genes, elucidation of the underlying resistance mechanisms, trade-offs between yield and resistance, and breeding of rice varieties with improved disease resistance. We further discuss the challenges in this research field and provide perspectives for future studies.