This article primarily focuses on classical breeding technology versus Genetic engineering and the potential impact on society due to the consumption of genetically modified foods (GMF). Genetic engineering (GE) comes with a wide range of potential benefits and risks. Integration of GE with traditional agricultural practices in a continuous way could accomplish the target of complete food preservation for the present and future generations. Gene manipulation and developing of resistant varieties of GM crops, transgenic animals with enhanced the protein content, recombinant pharmaceuticals (biosimilars) and gene therapy are now the topmost applications of genetic engineering. However, GMF or genetically modified organisms (GMOs) used in the food and agricultural sector are surrounded by controversies over the last decade. Increasing public concerns in regard to GMF induced short-term and durable health hazards that may result from this advanced gene technology. The fast endorsement of GM technology has considerable socio-economic impacts, which was addressed in over the past two decades with the help of technical and non-technical research. The awareness about GM products has to be made available to the consumers in order to seek their approval and help nature and humankind.