Vegetable oil plays a vital role in determining the human health due to its fatty acid composition. Today, a wide range of vegetable oils are available in the market but no single vegetable oil is able to meet recommendations given for healthy oil. So, blending of vegetable oils is gaining popularity to develop a healthier and stable vegetable oil so as to satisfy consumer needs. Blending has emerged as an economical way of modifying the fatty acid composition and physicochemical characteristics besides enhancement in oxidative stability. Rice bran oil has been proved best oil for blending due to its nutrient composition. Besides, the most recent approach has also been developed to increase oleic acid content of vegetable oil by means of direct blending so as to improve the oxidative stability of vegetable oils rich in polyunsaturated fatty acids. So, olive oil can be used for blending as it contains highest amount of oleic acid. In the present paper, status of rice bran oil and olive oil in India and health benefits of these oils have been reviewed and findings of our research study on blended rice bran and olive oil have also been summarized.