Abstract: Pinghongliangyou 138 is a new two-line hybrid rice variety developed by the College of Agriculture in Fujian Agriculture and Forestry University through the cross of the self-bred red rice two-line male sterile line Pinhong S and the red glutinous rice restorer line Jiahongnuo 138. From 2023 to 2024, this variety participated in the independent regional test of special rice varieties in Hainan Province. The average whole growth period in the regional test was 129.8 days, which was 3.4 days later than that of the control Tianmu 21. The average yield was 7158.8 kg·hm⁻², which was 18.0% higher than that of the control Tianmu 21. Pinghongliangyou 138 showed medium resistance to the rice blast and it was also resistant to high fertilizer level and lodging. In 2025, it was approved by Hainan Provincial Crop Variety Approval Committee. The breeding process, variety characteristics and key points of cultivation and seed production technology of Pinhongliangyou 138 were introduced in this paper, which could provide reference for the breeding and promotion of hybrid red rice varieties.