Induced mutagenesis has been proven to be a successful strategy for the improvement of several crops including rice. In the present review, different induced mutagenesis approaches have been discussed concerning the efficient exploration for rice improvement. Significant efforts and the popular rice varieties developed through the mutagenesis approaches was also well focused. Apart from the use for direct trait improvement, mutagenesis is also important to perform forward and reverse genetics for the characterization of novel genes and biochemical pathways. In this regard, precise mapping of casual mutation has great importance. Recent development in next generation sequencing (NGS) technology has provided a great opportunity to pinpoint the causal mutation with great precision and affordable manner. Here, NGS based approaches like MutMap, MutMap+ and MutGap have been discussed. Similarly, advanced bioinformatics methods like Simultaneous Identification of Multiple Mutations (SIMM) are also highlighted. In addition, we have provided a catalogue of online database of rice mutant lines concerning efficient utilization of available resources. The information provided here will be helpful to better understand recent advances in mutagenesis research and its efficient utilization for the rice improvement program.