Introduction: The molecular classification of cancer through next generation sequencing has transformed drug development towards the molecularly guided era of precision medicine. Genomic sequencing technologies have enabled a complex characterization of an individual’s cancer genome, and selection of genomically matched treatment.Areas covered: Herein, we discuss how genomic sequencing strategies have been used in oncology to tailor targeted therapies in precision medicine programs. We highlight clinically applicable sequencing technologies, modern clinical trial designs, and novel concepts like tumor heterogeneity, liquid biopsies, and immune-oncology.Expert commentary: There remain numerous challenges to evolve precision oncology into a reality in cancer care. Improving sequencing platforms, educating technical personnel and clinicians, defining clinical utility, and exploring novel perspectives are key steps in this process.