Rice was born in Jackson Hole, Wyoming. He was raised near Jackson Hole Mountain Resort, where he continues to reside. Raised as a skier by his father, a member of Jackson Hole Ski Patrol, Rice initially did not understand the rave of the new sport springing up on his mountain. However, he soon caught on and joined the local team.
In 2001, without a sponsor and only 18 years old, Rice drove to Mammoth Mountain in California to ride at Snowboarder magazines Superpark. Recognition from the snowboarding world would come at this event, when Rice launched a backside rodeo off a 110 foot gap jump. Absinthe Films' producer Justin Hostynek immediately approached Rice to begin filming for their upcoming movie, Transcendence.
Rice has filmed outstanding video parts year after year, producing jaw-dropping shots like his switch 540 over Chad's Gap in Utah, a 120 foot backcountry gap jump. On top of that, he has won several US Opens, an X-Games gold, and an Icer Air gold, where he landed the first double rodeo 1080 in competition.
In 2008, Rice co-produced (with filmmaker Curt Morgan) and starred in the snowboarding film Thats It Thats All. This film featured Troy Blackburn, Jeremy Jones, Mark Landvik, Terje Haakonsen, Nicolas Mller, Scotty Lago, Pat Moore, John Jackson, Jake Blauvelt, Danny Kass, and fellow Jackson Hole residents Bryan Iguchi and Kyle Clancy. Rices part in Thats It Thats All, which included the first ever double cork 1260, heavily influenced his sweep at the Transworld Magazine Riders Poll. He won Rider of the Year, Video Part of the Year, Standout of the Year, and Readers Choice award. On September 7, 2011, Rice released The Art of Flight, a film made in collaboration with the same team behind 'That's It, That's All, including John Jackson, Mark Landvik, Nicolas Mller and Jeremy Jones,Scotty Lago,Mark McMorris. The success of the Art of Flight enabled Rice to once again win the TransWorld and Snowboarder Magazine Rider of the Year awards for 2012 .
In 2012, Rice coordinated with Red Bull to create Supernatural, a backcountry freestyle competition held at Baldface Lodge in British Columbia, Canada. The competition was attended by the world's top snowboarders, including Nicolas Muller, Gigi Ruf and Mark McMorris, with riders competing in naturally created backcountry terrain. The inaugural winner of the event was the competition creator, Travis Rice.
In 2016 Rice released his new film, The Fourth Phase.
His sponsors are Quiksilver, LIB Tech, DC, Red Bull, Union bindings, Bluebird Wax, Contour, Jacks Garage & Jackson Hole Mountain Resort.
He is also a downloadable, playable character in SSX. He is the first "real-life" snowboarder to ever be featured in the franchise.