Precision medicine is a newer modality for patient treatment as it assists clinicians to choose mode oftreatment based on the genetic profile of the patient as well as stage of the disease. Primary aim of Precision medicine is to provide “the right treatment to the right patient at the right time.” It will be based on advanced research done on genomics and other omics however it also based on biomarkers, functional tests, and imaging. Molecular diagnostics is the backbone of precision medicine approaches. Hence in current scenario, a change of opinion is required to take complete benefits of precision medicine to handle the global burden of cancers. Recent advances of liquid biopsy emerging a powerfultool being a non-invasive way of determining prognosis of certain malignancies. Liquid biopsies which based upon microRNAs, cell free DNAs, circulating tumor cells and other adoptive cellular therapies, are recent trends in precision oncology that exert a great impact on personalized oncology. Here, we review the recent advances in precision medicine and its beneficial effects in the field of oncology.