Based on the rice bran instant powder obtained by enzymolysis and spray drying of rice bran in the earlier stage, this study investigated the effects of the addition of soybean protein, konjac flour and vanillin on the pancreatic lipase inhibition rate, sodium cholate adsorption rate, water absorption index, water solubility index and electronic tongue intelligent sense of meal substitute powder, and finally established the best formula of rice bran nutritional meal substitute powder. The meal substitute powder has the characteristics of high protein (32.31 ± 0.12%), low fat (1.76 ± 0.11%), low carbohydrate (35.91 ± 0.58%), low energy (288.72 ± 0.47 kcal), balanced nutrition, and strong antioxidation. The in vitro hypolipidemic activity showed that the in vitro digestion of ice bran meal replacement powder could significantly reduce the triglyceride, total sterol, and low-density lipoprotein contents of an HepG2 hyperlipidemic cell model, and increase the high-density lipoprotein content of an HepG2 hyperlipidemic cell model. Therefore, this study further expanded the space for the comprehensive development of rice bran and realised the value-added utilisation of rice bran.Graphical abstract: