The discovery that waste rice bran contains ~ 3% γ-oryzanol has led to growing investigations into its extraction and evaluation using green technologies. This study aimed to investigate the potential application of CO2-expanded liquids (CXLs) in the extraction of γ-oryzanol-rich rice bran oil. The effects of the extraction solvents were studied, and thereafter, the effects of the extraction temperature (20–30 °C) and rice bran particle size were analyzed using the optimal solvent. The rice bran oil yields of 0.24 ± 0.01 g/g-sample were achieved through CXL extraction. Besides, the γ-oryzanol yields were 13.06 ± 0.73–23.68 ± 1.30 mg/g-sample, resulting in 93.24 ± 1.25 mg/g-oil of γ-oryzanol content. More specifically, CO2-expanded acetone (CXA) and CO2-expanded ethanol (CXE) offered the highest γ-oryzanol yields (i.e., 19.19 ± 0.33 mg/g-sample) compared to 11.07 ± 0.13 mg/g-sample for CO2-expanded hexane (CXH). The γ-oryzanol yield was increased to 23.16 ± 0.26 mg/g-sample by increasing the extraction time and temperature and also by reducing the particle size of the waste rice bran. Moreover, CXA and CXH offered the highest oil qualities, with phosphorus concentrations of 2.9 and 3.0 ppm, respectively. Furthermore, the obtained rice bran oil contained 1.45 ± 0.04–6.65 ± 0.08 mg-GAE/g-oil of total phenolic compounds, along with a DPPH scavenging activity of ≤ 89 ± 1.40%. The findings show that not only high yield and quality rice bran oil can be achieved but also nutrient retention. Therefore, CXLs are suitable extractants for γ-oryzanol-rich rice bran oil.