The report sheds some light on the nature of the challenges that agriculture and food systems are facing now and throughout the 21st century, and provides some insights as to what is at stake and what needs to be done. What emerges is that “business as usual” is no longer an option but calls for major transformations in agricultural systems, in rural economies and in how we manage our natural resources. The report was undertaken for the quadrennial review of the FAO Strategic Framework and in preparation for the Organization’s Medium-Term Plan 2018–2021.