The mutational changes occurring in the regulatory genes responsible for the maintenance of optimal cell growth and proliferation gradually lead to cancer progression and metastasis. Furthermore, patients with the same cancer types often respond differently to different cancer therapies, indicating the need for a patient-specific treatment regimen for the disease. Precision 34 oncology is the new field of cancer research that relies on genetic profiling of individual tumors  to identify targetable alterations for custom-tailored personalized treatment of the disease. It is to rely upon the genomic study of cancer cells to get a clear picture of the prognosis and pathways involved in disease progression and to look for the means to selectively target them for a cure. This article intends to briefly explain the foundations and frontiers of precision oncology in the context of technological advances being made in this direction to assess its scope and importance in the realization of a proper cure for cancer.