<p>The rise in worldwide competition has started an increased accentuation on efficiency and quality, inciting an intensive investigation of flexible manufacturing systems (FMSs) as a critical area of study. FMS uses automated and advanced technology under a computerized control that can adapt quickly to changes in product information, batch sizes, or production sequences to increase production and quality while reducing waste and costs. This paper highlights the evolution of FMS, the possible benefits of integrating emerging technologies into FMS toward better manufacturing systems, and the prospect of FMS in the near future. Advanced technologies such as the Internet of Things (IoT), artificial intelligence (AI), advanced robotics, enterprise wearables, 3D/4D printing, and virtual manufacturing are discussed, and their potential effect on FMSs in the future is highlighted. It reviews the prospects for FMSs in the future by analyzing enabling technology for implementation, forecasting the outlook for the next generation of manufacturing systems, assessing flexible machining systems, and identifying prospects for benefits and critical enabling technologies for reconfigurable manufacturing systems. Emphasizing the need for flexibility in modern manufacturing strategies and promoting the implementation of new technologies to make them adaptable, this review is optimistic about the role FMS will play in reducing overall costs and enhancing operational efficiency. In summary, the paper emphasizes that the next decade will see a need for manufacturers to pivot to manufacturing that is more agile and responsive.</p>