Storage lipid is a vital component for maintaining structure of seed storage substances and valuable for rice quality and food texture. However, the knowledge of lipid transporting related genes and their function in seed development have not been well elucidated yet. In this study, we identified OsLTPL36, a homolog of putative lipid transport protein, and showed specific expression in rice developing seed. Transcriptional profiling and in situ hybridization analysis confirmed that OsLTPL36 was exclusively expressed in developing seed coat and endosperm aleurone cells. Down-regulated expression of OsLTPL36 led to decreased seed setting rate and 1000-grain weight in transgenic plants. Further studies showed that suppressed expression of OsLTPL36 caused chalky endosperm and resulted in reduced fat acid content in RNAi lines as compared with wild type (WT). Histological analysis showed that the embryo development was delayed after down regulation of OsLTPL36. Moreover, impeded seed germination and puny seedling were also observed in the OsLTPL36 RNAi lines. The data demonstrated that OsLTPL36, a lipid transporter, was critical important not only for seed quality but also for seed development and germination in rice.