Precision oncology represents a transformative approach to cancer treatment that utilizes genomic, molecular, and clinical information to tailor therapies to individual patients. Unlike traditional cancer treatments that apply standardized protocols, precision oncology identifies specific molecular alterations driving tumor growth and selects targeted therapies designed to inhibit these pathways. Advances in next-generation sequencing (NGS), molecular diagnostics, bioinformatics, and targeted therapeutics have significantly improved treatment outcomes in several malignancies, including lung cancer, breast cancer, melanoma, colorectal cancer, and hematological cancers. Despite remarkable progress, challenges remain regarding tumor heterogeneity, drug resistance, cost, accessibility, and ethical considerations. This review examines the principles of precision oncology, the role of molecular profiling, current targeted therapies, clinical outcomes, limitations, and future directions. The findings suggest that precision oncology has revolutionized cancer management by improving treatment efficacy, reducing toxicity, and enhancing patient survival. Continued advances in genomics, artificial intelligence, and personalized medicine are expected to further refine cancer care and expand the benefits of targeted therapies.