Mutation known as the “Fountain head of Evolution” is a sudden heritable change in the genetic system of an organism. Various types of mutations such as intergenic (structural), intragenic, genomic, and plasmone, are induced by physical agents (temperature, pH, UV-radiations, and ionizing radiations), chemical agents (base analogues, base modifying agents, and intercalating compounds) and site-directed mutagenesis (Vector based, PCR-based and nucleases based, i.e., ZFNs, TALENs and CRISPR/cas9). The mutation induction provides a way of improving quantitative as well as qualitative traits of various crops, especially beneficial from the industry point of view, as they provide economic significance. These industrial crops include jute, linseed, soybean, rapeseed, cotton, rice, peanuts, potato, sunflower, wheat, hemp, sorghum, rubber, maize, and barley. The development of the new varieties via induced mutations tailor various traits of the crop plants such as oilseed crops and fiber-yielding crops viz. mutations of the fatty acid composition of oil seed crops, fiber strength, lignin content, lint index, and ginning percentage. It also improved the protein content, starch content, and seed quantity of various crops for making chips, pasta, cookies, bread, and brewery purposes. Conclusively, in addition to other plant breeding approaches, induced mutagenesis has shown to be a valuable tool for generating novel genetic varieties, boosting crop architecture, improving biochemical constitution, and enhancing growth and development cycles, thus marking a great impact on industries and human mankind.