Noug (Guizotia abyssinica (L.f) Cass) is an important edible oil-producing crop. Ethiopia is the center of origin and diversity for noug and thousands of noug accessions are being maintained at the Gene Bank in Ethiopian Biodiversity Institute (EBI). The crop is grown mainly for edible oil and the by-product named as noug-cake is widely used as animal feed. However, the production and productivity of noug is too low compared to other oilseed crops mainly due to the self-incompatible nature of the crop species, shattering, lodging, indeterminate growth habit, pests, and diseases. The development and application of molecular resources and tools have played a great role in the improvement of oilseed crops worldwide. Although conventional breeding has been used to develop commercial noug varieties, the application of modern genomic tools to enhance the use of noug germplasm resources is very limited. In this work, we have reviewed the scientific literature available on the development and application of molecular resources on oil-producing crops and specifically reveal research gaps on noug genetic improvement and highlight broadly applicable and affordable short-term strategic interventions.