Rice was initially charged with simple assault after police said he knocked out Palmer. However prosecutors took the case to the grand jury, which elevated the charge to the more serious aggravated assault.
TMZ published video in February of Rice allegedly dragging his fiancee out of an elevator.
Rice could face three to five years in prison if convicted.
Palmer's attorney has said he's certain no crime was committed. Rice's attorney, Michael Diamondstein, says Rice denies the charge and that the couple are happy and in counseling. They live in the Baltimore suburb of Reistertown.
The Ravens issued a statement saying "we know there is more to Ray Rice than this one incident."
-- The Associated Press contributed to this report