<?xml version="1.0" encoding="UTF-8"?>
<edgarSubmission xmlns:com="http://www.sec.gov/edgar/common" xmlns="http://www.sec.gov/edgar/thirteenffiler">
  <schemaVersion>X0202</schemaVersion>
  <headerData>
    <submissionType>13F-HR</submissionType>
    <filerInfo>
      <liveTestFlag>LIVE</liveTestFlag>
      <filer>
        <credentials>
          <cik>0002062680</cik>
          <ccc>XXXXXXXX</ccc>
        </credentials>
      </filer>
      <periodOfReport>09-30-2025</periodOfReport>
    </filerInfo>
  </headerData>
  <formData>
    <coverPage>
      <reportCalendarOrQuarter>09-30-2025</reportCalendarOrQuarter>
      <isAmendment>false</isAmendment>
      <filingManager>
        <name>Rakuten Investment Management, Inc.</name>
        <address>
          <com:street1>2-6-21 MINAMIAOYAMA</com:street1>
          <com:street2>MINATO-KU</com:street2>
          <com:city>TOKYO</com:city>
          <com:stateOrCountry>M0</com:stateOrCountry>
          <com:zipCode>107-0062</com:zipCode>
        </address>
      </filingManager>
      <reportType>13F HOLDINGS REPORT</reportType>
      <form13FFileNumber>028-25589</form13FFileNumber>
      <provideInfoForInstruction5>N</provideInfoForInstruction5>
    </coverPage>
    <signatureBlock>
      <name>Kazuya Kagamihara</name>
      <title>Department Director, Compliance Department</title>
      <phone>81-3-6432-7720</phone>
      <signature>/s/ Kazuya Kagamihara</signature>
      <city>Tokyo</city>
      <stateOrCountry>M0</stateOrCountry>
      <signatureDate>10-30-2025</signatureDate>
    </signatureBlock>
    <summaryPage>
      <otherIncludedManagersCount>0</otherIncludedManagersCount>
      <tableEntryTotal>640</tableEntryTotal>
      <tableValueTotal>28096722856</tableValueTotal>
    </summaryPage>
  </formData>
</edgarSubmission>
