Genetically modified crop is one of the most controversial inventions in the field of biotechnology across the world. Like any other invention it has certain advantages and disadvantages. The proponents contend that genetically modified crops have high yield, more nutrition, less use of herbicide, resistant to targeted pests and disease. The opponent alleges that GM crops have injurious effect on environment, human and animal health. GM seed causes farmers to lost seeds sovereignty. This propaganda in support and against the genetically modified crops creates either strong favour or opposition for genetically modified crops. In this article, an endeavour has been made to understand the concept of Agriculture Biotechnology and Genetically Modified crops, controversial ongoing debate on the impact of GM crops on ecological order, health of human beings and livestock, current global status, existing international and national regulatory framework and judicial approach. The article ends with critical evaluation of present regulatory structure and suggestions to adopt the precautionary principle which needs to be absorbed in the regulatory mechanism to derive maximum benefits from the GM crops.