"'Grotesque' features minimal narrative or character development and presents the audience with little more than an unrelenting and escalating scenario of humiliation, brutality and sadism," the board said in a statement.
The board has refused to classify the film, meaning it cannot be legally sold or supplied anywhere in Britain.
The board said the movie's nonstop scenes of torture - including amputation, eye-gouging, castration and evisceration - make it impossible to edit the film in a way which would make it acceptable for British viewers.
The board, which rates about 10,000 films for DVD release each year, said the ban was "very rare."
The last movie turned down by the board was 2004 film "Murder-Set-Pieces," which was rejected in early 2008. In 2005, it refused "Terrorists, Killers And Other Wackos" - a film that carried clips of real torture and execution.