Oilseed crops play a crucial role in providing major dietary proteins and fats for both human beings and animals as well as serving as a chief source of hydrocarbons for biofuel production. The increasing need for vegetable oils, primarily triacylglycerol, has led to a growing focus on enhancing seed oil content and optimizing the fatty acid composition of oilseed crops. Oilseed crops with characteristics that improve oil quality for the benefit of human health and climate resistant have attracted significantly more interest from scientists around the world. Although substantial progress has been made in conventional breeding to improve oilseed crops, limitations in genetic variability and the time-consuming selection have necessitated alternative approaches for oil crop improvement. The transgenic improvement of oil crops is the subject of ethical controversy for commercialization. Genome editing has evolved as a promising technology for precise and rapid genetic modifications without regulatory burden and the introduction of transgenes. The CRISPR-Cas has demonstrated great potential due to its simplicity and widespread acceptance for achieving transgene-free gene modifications and has been successfully utilized in several crops, including oilseeds, to achieve the desired traits and ensure global demand for improved oilseed crops. Given the growing demand for products derived from oil crops and the rapid progress in gene editing technology, this review will serve as a valuable resource for understanding CRISPR technology for genome editing and its potential applications and future outlook in the context of oil crops. The review will also summarize targeted genetic manipulation enabled by genome editing technology, demonstrating its potential for genetic improvement in oil crops.