Precision medicine (PM) can be defined as an approach toward prevention and treatment of disease by development of diagnostics and therapies delivering maximum effectiveness by considering individual gene variability, integrating clinical and molecular information and factors like environment and lifestyle. PM has already delivered success in targeted therapies for cancer and cystic fibrosis in patients having the common casual genotypes. Phenotyping, an integral part of PM, is aimed at translating the data generated at cellular and molecular levels into clinically relevant information. In the era of PM, deep phenotyping is done using detailed and precise examination of disease and integration of this data with genomic variation and clinical information. Personalized nanomedicine involving individualized drug selection and dosage profiling in combination with clinical and molecular biomarkers can ensure maximal efficacy and safety of treatment. The major hindrance toward the development of such therapies is the handling of the “Big Data,” to keep the databases updated. Robust automated data mining tools are being developed to extract information regarding genes, variations, and their association with diseases.