Rice blast, caused by the fungal pathogen Magnaporthe oryzae, is one of the most destructive diseases in rice. Utilization of resistant cultivars is the most effective and economic strategy against the disease. Recently, rice blast has become an advanced model system for elucidating the molecular mechanisms of plant-fungal interactions. Significant progress has been made in the molecular biology, genomics and proteomics of the rice-M. oryzae interaction and host resistance in the last few years. In this review, we summarize the recent advances in understanding the molecular basis of PAMP-triggered immunity (PTI) and effector-triggered immunity (ETI) in rice against M. oryzae, and propose the new strategies for blast resistance molecular breeding. We also discuss the new challenges for future investigations.