The tools of genome editing were described more than a decade ago as promising ways to accelerate crop improvement, as well as for applications in human and animal health. Now, a decade later, we are seeing applications of genome editing across a range of crops and trait combinations that will benefit producers and consumers. Countries around the world are actively updating regulatory frameworks to adequately govern this new technology. In this paper, we describe recent advances in genome editing tools, review select applications underway, consider the benefits of the technology, and offer a perspective on significant challenges to the successful use of genome editing. Given an enabling policy environment, genome editing will be an important tool for creating a competitive bioeconomy while addressing major challenges in agriculture and for consumers. We offer five recommendations to ensure genome editing in agriculture benefits society.