Both were arrested initially on an assault charge, but Rice's was increased to aggravated assault on Thursday, which could see him face five years in jail if convicted.
"This is part of the due process for Ray," Ravens owner Steve Bisciotti said in a statement. "We know there is more to Ray Rice than this one incident.
"He'll be back with the team. He'll definitely be back. I know how terribly disappointing it is to Ray and his fiancee, how embarrassing it is for them. I have to have compassion towards him."
Rice has spent his entire career with the Ravens since being drafted in 2008.