Parsnip (Pastinaca sativa L.) is a species of the monocarpic perennial crop, which is typically grown as a biennial. It belongs to the Apiaceae family and grows naturally in all Northern temperate zones. Parsnips now have a specialized market within the vegetable industry, with annual demand rising. It is a sweet and fibrous root crop high in carbohydrate, sugar, and fiber, as well as important vitamins and minerals like calcium, potassium, vitamin C, thiamine, and riboflavin. As a sweet and fibrous root crop, it contains a variety of health-promoting ingredients such as carbohydrate, sugar, and fiber. Furanocoumarins are found in parsnip leaves in addition to these beneficial compounds. Furanocoumarins are highly toxic secondary plant metabolites that aid in the plant’s defense against disease and predation. These compounds have the ability to connect to DNA and absorb energy in the presence of UVA radiation, resulting in phytophotodermatitis. As a result, both parsnip leaves and wild parsnips are frequently regarded as invasive and dangerous plants. Parsnips are typically grown from seed in the spring, with harvesting starting about 5 months after the seeds are planted. Despite the fact that wild and farmed parsnips are genetically identical, modern agricultural practices have led to a reliance on a small number of domesticated species. This is true despite the fact that wild and cultivated parsnips are genetically identical. Because of the increasing threats posed by invasive species, infectious diseases, habitat disruption, and climate change, the development of new parsnip varieties is critical. This chapter summarizes the origin, evolution, domestication, distribution, economic importance, germplasm, biodiversity, conservation, taxonomic position, crop techniques, and challenges in parsnip cultivation, utilization of genetic resources for tapping of useful genes via conventional and molecular breeding techniques. Recent advances in genomic tools and gene editing technology are also discussed, as well as how these new technologies can be used to develop better and more sustainable parsnip cultivars through utilization of genetic resources.