Post-green revolution advances made in biotechnology paved the way of cultivating the high-yielding, stress and disease resistant genetically modified (GM) varieties of wheat, rice, maize cotton and several other crops. The recent rapid commercialization of the genetically modified crops in Asia, Americas and Australia indicates the potentiality of this new technology. GM crops give higher yields and are rich in nutritional values containing vitamins and minerals and can thus can help to alleviate hunger and malnutrition of the growing population in the under developed and developing countries. It could also be possible to develop more biotic and abiotic stress resistant genotypes in these crops where it was difficult to develop due to the unavailability of genes of resistance in the crossing germplasms. However, further research and investigations are needed to popularize the cultivation of these crops in different parts of the world. This review provides an insight of the impact of GM crops on contemporary agriculture across the past few decades, traces its’ history across time, highlights new achievements and breakthroughs and discusses the future implication of this powerful technology in the coming few decades.