Superheated steam, as an emerging thermal treatment technology, has garnered significant attention in the field of grain processing due to its high thermal penetration in an oxygen-free environment. This article has reviewed the research progress on the effects of superheated steam treatment on the properties of grain components, edible quality, and storage characteristics. Superheated steam treatment can promote the breaking of disulfide bonds in proteins, altering their conformation, increasing disorder, and enhancing random coil structures. Moreover, the gluten protein network structure can be changed more loose by this treatment, thereby affecting the elasticity and extensibility of the dough. The crystalline structure within starch was also destroyed by superheated steam treatment, promoting the dissolution and swelling of starch molecular chains, causing partial gelatinization of starch, and thus affecting the swelling power and peak viscosity of starch granules. During the treatment process, the presence of an oxygen-free environment helped slow down oxidation reactions and reduce the loss of bioactive substances. The cooking time of grains can be shortened and the production of unpleasant odors can be effectively reduced by superheated steam treatment with high temperature and high permeability. This review also explored the application research of superheated steam technology in inactivating enzyme and grain-related oxidases, and improving the sterilization ability and storage quality of grains. This may provide references for further exploration of the application of superheated steam technology in the field of grain processing in the future.