This work was aimed at utilizing rice bran as a substrate for $eta$-carotene production by Rhodotorula glutinis DM 28 under optimized conditions of solid-state fermentation. The biomass and $eta$-carotene content of Rhodotorula glutinis DM 28 grown on rice bran as a sole substrate under solid-state fermentation were 54 g/kg rice bran and 1.65 mg/kg rice bran, respectively. Its biomass and $eta$-carotene content, however, could be improved by 60% and 30%, respectively, using the Central Composite Design for the optimization of its cultivation conditions. The optimized conditions obtained were a pH of 5, a moisture content of 70% (w/w), and a carbon-to-nitrogen ratio of 4. Under these conditions, rice bran containing R. glutinis DM 28 had nutritional values of $eta$-carotene, protein, and fat higher than those of rice bran alone. Yeast-grown rice bran could be suitable, therefore, to use as a $eta$-carotene-enriched supplement in animal feeds.