Accurate counting of the number of rice panicles per unit area is essential for rice yield estimation. However, intensive planting, complex growth environments, and the overlapping of rice panicles and leaves in paddy fields pose significant challenges for precise panicle detection. In this study, we propose YOLO-Rice, a rice panicle detection model based on the You Only Look Once version 8 nano (YOLOv8n). The model employs FasterNet, a lightweight backbone network, and incorporates a two-layer detection head to improve rice panicle detection performance while reducing the overall model size. Additionally, we integrate a Normalization-based Attention Module (NAM) and introduce a Minimum Point Distance-based IoU (MPDIoU) loss function to further improve the detection capability. The results demonstrate that the YOLO-Rice model achieved an object detection accuracy of 93.5% and a mean Average Precision (mAP) of 95.9%, with model parameters reduced to 32.6% of the original YOLOv8n model. When deployed on a Raspberry Pi 5, YOLO-Rice achieved 2.233 frames per second (FPS) on full-sized images, reducing the average detection time per image by 81.7% compared to YOLOv8n. By decreasing the input image size, the FPS increased to 11.36. Overall, the YOLO-Rice model demonstrates enhanced robustness and real-time detection capabilities, achieving higher accuracy and making it well-suited for deployment on low-cost portable devices. This model offers effective support for rice yield estimation, as well as for cultivation and breeding applications.