Oil crops which have high oil content can be utilized for both nutritional and biofuel applications. Mutant varieties of altered amounts of saturated as well as unsaturated fatty acids for improved nutritional quality and better seed selection through genome-wide analysis can contribute to green evolution. Moreover, it is important to develop better biofuel policies without affecting the food crisis during this changing rapid climate change scenario. Along with traditional and biotechnological approaches to improve sustainable agricultural needs, these energy crops now necessitate the advanced omics and gene editing strategies that can be used as a bigger toolbox to meet the increasing demands of food and green energy fuels. The candidate gene identification from genomics along with proteomics can target the biosynthetic pathway of interested oil crop for better product development. It can also contribute to the development of disease resistance and pest-resistant tolerant varieties with high yield and premium seed oils to contribute to the growing food and energy needs. Breeders contribute to the production of sustainable goods through smart breeding. Genomic research plays a key role in enhancing oil crop environmental adaptability by providing insights into the genetic basis of adaptation traits, allowing targeted genetic alterations, and directing breeding methods for the generation of resilient cultivars. By combining these techniques with technology, accelerated breeding processes in oil crops can significantly reduce the time and resources required to produce superior cultivars with desirable traits. Because of this, breeders are able to adjust to changing environmental challenges and agricultural demands faster, which ultimately leads to higher output. In this chapter, we will discuss the starring role of advancement of gene editing and genomics in oil crops including the encounters, trepidations, and regulations. The techniques in genomics and genome editing for the improved and desired oil crop varieties, the desired traits along with methods to identify, engineer, and/or apply specific modifications, major traits like better oil yield, quality, disease resistance, and ability to withstand abiotic stress including climate changes are explained in detail along with the hopes and challenges regarding this area including ethical and regulatory policies.