Antarctica is an extreme environment with limited availability of favorable conditions for plant growth and reproduction. Thereby, species richness is highly reduced to some mosses, lichen, liverworts and only two vascular plants. These vascular plant species, Deschampsia antarctica É. Desv. named as Antarctic hair grass (Poaceae) and Colobanthus quitensis (Kunth) Bartl. known as Antarctic pearlwort (Caryophyllaceae) are found on the Northern and Western parts of the Antarctic Peninsula. They can survive under extreme climatic conditions defined by extremely low temperatures, drought, low nutrition availability, wind, high salinity, and high UV. Adaptation to such harsh environmental conditions is possible by regulation of metabolic mechanisms and gene expression at different levels. Understanding the adaptation mechanisms of these species to their unfavorable habitat is quite important to generate new resources to cope with adverse effects of abiotic stresses, especially drought, which is recently becoming the main yield-limiting factor in agriculture due to global warming. In this chapter, we aim to introduce our collection of these plants to the scientific community while discussing the potential of Antarctic plants to be used as novel resources for development of abiotic stress tolerant cultivars.