According to the California Wild Rice Advisory Board, wild rice should be cooked for 40 to 45 minutes on the stovetop, or 1 1/2 hours in the oven. Wild rice should always be cooked in a covered vessel, but can be stirred occasionally to ensure even cooking.
To cook wild rice on the stovetop, bring 3 cups water or broth to boil, and stir in 1 cup uncooked wild rice. Reduce heat to a simmer, and allow to cook for 40 to 45 minutes, or until the kernels just begin to puff open. To cook wild rice in the oven, combine 3 cups liquid with 1 cup wild rice in a 2-quart covered casserole, and bake at 350 degrees Fahrenheit for 1 hour. Uncover to stir, and cook covered for another 30 minutes. With either method, if there is any excess liquid at the end of the cooking period, it should be drained.