One of the biggest challenges in agricultural sector is to boost up production systems, along with the development of genetically sound crops to get an efficient and sustainable agricultural produce, generating new seed quality traits, especially in oilseed crops. Present review aimed on the alteration of oilseed crops to improve their nutritional composition and industrial utility. Such modifications will include production of high palmitic acid, stearic acid, oleic acid, omega-3 longchain polyunsaturated fatty acids (LC-PUFAs), arachidonic acid, eicosapentaenoic acid, ricinoleic acid, unusual monoenoic fatty acids, reduction in erucic acid and very long chain saturated fatty acids (VLSFA). Manipulation of triacylglycerol structure is another area included in this review so as to enhance the nutritional value of ‘designer’ oils. The focus is also laid on to how new technological interventions, such as synthetic biology, next-generation sequencing, LC-MS/MS targeted lipid analysis, clustered regularly interspaced short palindromic repeats (CRISPR/Cas9) technique and lipidomics are mediating in the development of desired traits in transgenic oilseeds. Transgenic oilseeds producing novel fatty acids will be a better source for providing renewable raw materials that may compete with and eventually replace other nonrenewable sources.