We study the interplay effect of spin-orbit coupling(SOC) and optical lattice to the single-particle physics and superfluid-insulator transition in ultracold Fermi gases. We consider the type of SOC that has been realized in cold atoms experiments via two-photon Raman processes. Our analyses are based on the knowledge of full single-particle spectrum in lattices, without relying on any tightbinding approximation.We evaluate existing tight-binding models and point out their limitations in predicting the correct single-particle physics due to the missed high-band contributions. Moreover, we show that the Raman field (creating SOC) can induce band-gap closing in a two-dimensional optical lattice, leading to the intriguing phenomenon of superfluidity-reentrance for interacting fermions at integer filling. We present the superfluid-insulator phase diagram in a wide parameter regime of chemical potentials and Raman fields. All these results are far beyond any tight-binding model can predict, and can be directly probed in current cold atoms experiments.

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