Cancer is a complex disease having a number of composite problems to be considered including cancer immune evasion, therapy resistance, and recurrence for a cure. Fundamentally, it remains a genetic disease as diverse aspects of the complexity of tumor growth and cancer development relate to its genetic machinery and require addressing the problems at the level of genome and epigenome. Importantly, patients with the same cancer types respond differently to cancer therapies indicating the need for patient-specific treatment options. Precision oncology is a form of cancer therapy that focuses on the genetic profiling of tumors to identify molecular alterations involved in cancer development for custom-tailored personalized treatment of the deadly disease. This article aims to briefly explain the foundations and frontiers of precision oncology in the context of ongoing technological advances in this regard to assess its scope and importance in the realization of a proper cure for cancer.