<p>Barley (<i>Hordeum vulgare</i> L.), one of the earliest domesticated cereal crops, is globally ranked after wheat, rice, and maize for its global production. It has traditionally been valued for its role in food, feed, and brewing. Barley’s potential as a cereal crop is mainly attributed to its richness in dietary fibers, mainly β-glucan in addition to starch, minerals, vitamins, and protein that make this grain an ideal food supplement. Unfortunately, only a meagre % of the barley global production is utilized owing to the acceptability issues related to organoleptic characters. Genomic approaches are the best options to develop new varieties for improvements in traits including its organoleptic characters to be preferred by the end-users. Over the last few decades, with the advent of high-throughput sequencing, and CRISPR-based genome editing, researchers are now uncovering at a faster pace the genetic architecture underlying key nutraceutical, agrotechnological and industrial traits. These breakthroughs are enabling the development of barley varieties enriched with bioactive compounds beneficial to human health, such as β-glucans and antioxidants, while also enhancing traits valuable for bioplastics, biofuels, and other industrial applications. The present review highlights various recent approaches to and novel genetic variation of cultivated and wild barley, for barley improvement. The article also discusses the applications of genetic engineering to barley yield improvement and highlights future prospects for barley genomics studies. Lastly, an overview of potential barley byproducts and chemicals for industrial, nutraceutical or food applications is presented as future perspectives for barley genetic improvement propelling barley beyond its traditional uses, positioning it as a strategic crop for future food systems and sustainable industries.</p>