Since the Bronze Age, oat (Avena sativa L.) has been used mainly as an animal feed. Currently, it is in high demand for human consumption because of its nutritional properties, which improve health and wellbeing. Oat is a good source of protein, carbohydrates, lipid, minerals, vitamins and phenolic compounds. However, quality traits are usually polygenic and subjected to non-heritable factors, making quality improvement difficult. Several conventional breeding approaches such as pure line selection, pedigree selection, mutagenesis, wide crosses and polyploidy have been extensively used to develop new and improved oat varieties, commonly for forage purposes. Molecular approaches such as use of molecular markers, QTL mapping, genome-wide association studies, genetic engineering, genomic selection and speed breeding are being utilised to identify traits/genes of interest, produce plants carrying the desired agronomic and climatic resilience traits, and accelerate genetic gain. There has been minimal focus on nutrient enrichment and the development of high-quality, enriched oat genetic resources. Herein, we address and compile much-needed, up-to-date information on comparative analysis of oat nutritional and phytochemical properties with those of other cereals. We also consider the importance and involvement of conventional breeding in the modern approaches. This updated information provides guidance for oat breeders to develop nutrient-enriched varieties and points to future prospects towards oat quality improvement.