GDSL esterase/lipase proteins (GELPs) compose a family of enzymes identified by a unique “GDSL” amino acid sequence motif. GELPs can accept a broad range of substrates and are functionally diverse. They are involved in various key physiological processes in plants such as cuticle development, seed oil storage, male fertility, and biotic and abiotic stress responses. Thus, genetic manipulation of GELPs has the potential to be beneficial in agriculture. As examples, the Seed Fatty Acid Reducer proteins in rapeseed (Brassica napus) function in seed oil degradation, and their down‐regulation (or knockout) may increase rapeseed oil yield. Xanthophyll acyltransferase in wheat (Triticum aestivum) catalyzes the esterification of lutein for storage, and enhancing its activity may produce wheat grains with higher carotenoid content. In this review, we aim to highlight various GELPs in globally important crops including maize, rice, wheat, soybean, and rapeseed, and discuss their potential as targets for genetic modification which will be useful in improving crop yield, quality, or both.