Pennycress (Thlaspi arvense L.) is a winter annual weed species that is distributed globally in temperate regions. The possibility of pennycress inclusion in the corn–soybean cropping system in the midwestern United States has garnered increasing attention from farmers. Growing pennycress offers environmental benefits—reducing soil erosion and nitrate leaching, improving water quality, early‐season pollinator food, and economic benefits—higher seed oil percentage, increased net profit, crop diversification, and biodiesel/renewable jet fuel production. The prospect of pennycress as a cover/oilseed cash crop in the United States is supported by several private and public research institutions. Here, we have discussed the rise of pennycress as a breakthrough oilseed crop in the last decade and explored recent developments in pennycress genetics and genomics research, which could pave the way for pennycress improvement and sustainable pennycress inclusion in the midwestern United States.