Pearl millet (Pennisetum glaucum (L.) R. Br.) is a small-seeded cereal crop. Its protogynous nature renders it a highly cross-pollinated crop. Among cereal crops, pearl millet ranks sixth in importance based on world production, next to rice, wheat, maize, barley and sorghum; however, it is a more abundant source of nutrients than those cereal crops. Pearl millet covers 27 million ha worldwide and serves as a significant nutritional source supporting food security of more than 90 million inhabitants of arid and semiarid regions of India, South Asia and Sub-Saharan Africa. It is also a source of straw for grazing fodder, silage, hay and fuel. Due to its successful grain production even in harsh conditions, it has the potential to serve as an important cereal crop in extreme and erratic climate. Success in grain production is attributed to climate-smart vegetative, reproductive and physiological characteristics. Efforts have been made to understand its center of origin, taxonomical position, genetic resource diversity and conservation for effective utilization in breeding programs. Current circumstances demand new and improved varieties with enhanced productivity, improved quality and resilience to abiotic and biotic stresses. This requires continuous breeding based on conventional and molecular methodologies for further genetic improvement.