The genomic revolution promises to transform our approach to treating patients by individualizing treatments, reducing adverse events and decreasing healthcare costs. The early advances using this have been realized primarily by optimizing preventive and therapeutic approaches in cancer using human genome sequencing. The ability to characterize the microbiome, which includes all the microbes that reside within and upon us and all their genetic elements, using next-generation sequencing, allows us to now incorporate this important contributor to human disease in developing new preventive and therapeutic strategies. In this review we highlight the importance of the microbiome in all aspects of human disease including pathogenesis, phenotype, prognosis and response to treatment as well their role as diagnostic and therapeutic biomarkers. We provide a role for next-generation sequencing in both precise microbial identification for infectious diseases as well as characterization of microbial communities and their function. Taken together, the microbiome is emerging as an integral part of precision medicine approach as it not only contributes to inter-individual variability in all aspects of a disease but also represents a potentially modifiable factor that is amenable to targeting by therapeutics.