The necessity of a Gene Revolution in the background of declining performance of Green Revolution has drawn a lot of attention in recent times. This article reviews the progress of genetic modification in plant varieties at the global level as well as in India with various benefits available from GM crop and the potential risks associated with it towards mankind and environment. It brings in the issue of biosafety regulations in different countries, diverse consumer perceptions about GM crops across nations, Intellectual Property Rights and the role of WTO. The article also documents the journey of GM crop, mainly Bt cotton in India with briefly touching upon the existing regulatory process, labelling policy and public concern towards Bt Brinjal. The discussion brings out the fact that agricultural biotechnology is expected to play a pivotal role in future in ensuring food security through higher productivity, reducing pesticide use and soil erosion, enhancing nutrition and at the same time preserving the environment for the future generation. However, strict scientific regulations and monitoring are absolutely necessary for its safe and fruitful use by mankind.