Rice is an essential diet component for a significant portion of the population worldwide. Due to the high water demand associated with rice production, improving water use efficiency and grain quality is critical to increasing the sustainability of the crop. This species includes rice varieties with diverse pigmentation patterns. Grain quality, including industrial, nutritional, and functional quality traits, of two black rice genotypes and a commercial white rice cultivar were evaluated in different locations and under different water regimes. Flooding produced higher grain weight compared to alternate wetting and drying irrigation. A high correlation was found between grain color, total phenolic content (TPC), and antioxidant activity. The black rice genotypes showed higher TPC levels and antioxidant capacity, mainly due to higher levels of cyanidin 3-O-glucoside. The phenolic profile varied between whole and polished grains, while mineral composition was influenced by location and irrigation regime. In turn, the environment influenced grain quality in terms of industrial and nutritional characteristics, with significant differences in quality between whole and polished grains. This study provides valuable information on the genotype-environment relationship in rice and its effect on grain quality, which could contribute to selecting genotypes for an appropriate environment.