Processed unhusked rice is prone to mildew during storage. In this study, the storage conditions were simulated at temperatures of 20, 30, and 35 °C and a relative humidity of 40%, 60% and 80%, respectively. The water, fatty acid, and total starch content and the peak viscosity, mold colony number, protein secondary structure, and spatial structure of rice were monitored in order to propose the critical point of mildew during storage. In the process of rice from lively to moldy, the water content, fatty acid contents and the peak viscosity were increased. The total starch content decreased and then showed a slow increasing trend, while the microstructure of the powder particles changed from smooth and complete to loosen and hollow. With the increase in storage time, the vibration of the amide Ⅰ band of the rice samples decreased slightly, indicating that the total contents of β-fold, β-turn, α-helix, and random curl of the rice protein also changed. PCA (Principal Component Analysis) analysis showed that rice mildew index was closely related to temperature and humidity during storage. In our investigation, the best and most suitable temperature and relative humidity for rice storge is 20 °C and 40%, respectively. These results suggested that temperature and environmental humidity are vital factors affecting the physicochemical properties and nutrient changes, which provides a theoretical basis for the early warning of rice mildew during storage.