The invention relates to a production method and a system of deacidification rice bran oil. The production method comprises the following steps of: feeding rice bran oil into a heat exchanger, warming, and filtering through a frame filter; feeding the filtered rice bran oil into a cylinder centrifugal extractor, extracting, and separating the rice bran oil from fatty acid to obtain the deacidification rice bran oil and mixed liquor of the fatty acid and ethanol; and feeding the mixed liquor of the fatty acid and the ethanol into an evaporator, separating, feeding ethanol steam into a condenser, condensing the ethanol steam to be liquid, and recycling the ethanol steam as an extracting agent. The system comprises a crude oil storage tank, a pump I, the heat exchanger, the frame filter, a filtered oil storage tank, a pump II, the cylinder centrifugal extractor, a deacidification oil storage tank, a fatty acid and ethanol mixing liquor storage tank, a pump III, the evaporator, a free fatty acid storage tank, the condenser and an ethanol recovery tank. The whole production process is non-toxic and environmental-friendly, the extracting agent ethanol can be recovered and recycled, the production cost is low, the operation process is continuous, the equipment is simple to operate, the operation cost is low, and scale production can be realized.