Oncology is transforming from a one-size-fits-all paradigm to a highly customized one wherein thorough molecular and functional characterization of individual tumors are required for treatment choices. Precision oncology is changing because of developments in single-cell and spatial multi-omics, liquid biopsy technologies, patient-derived functional models, customized immunotherapies, radiotheranostics, and artificial intelligence (AI). Recent developments in these fields are summarized here. In the upcoming years, advancements will occur in the realms of closed-loop precision oncology, which combines functional assessment, AI-guided therapy optimization, and continuous molecular monitoring.