Induced pluripotent stem cells (iPSCs) have transformed in vitro research and hold great promise for regenerative medicine. iPSCs can be expanded indefinitely, are amenable to genetic engineering, and can differentiate into most somatic cell types. They are widely used to model human development and diseases, perform drug screening, and develop cell therapies. This review outlines key developments in the iPSC field, highlighting the versatility of iPSC technology for in vitro modeling and therapeutic applications. It discusses the molecular mechanisms of somatic cell reprogramming, various iPSC-based cellular models, and their applications in modeling human development and diseases. Examples include neurological disorders, COVID-19, and cancer. The review also considers the use of iPSC-derived models in drug screening and the development of autologous and allogeneic cell therapies. The historical development of iPSC technology, including key discoveries leading to the reprogramming of somatic cells into iPSCs in 2006 and 2007, is outlined. The molecular mechanisms of reprogramming, including the roles of transcription factors, chromatin dynamics, and DNA methylation, are discussed. The review also covers methods for inducing iPSCs, such as viral and non-viral vectors, and small-molecule compounds. Applications of iPSCs include modeling human development, drug screening, and cell therapy. iPSC-derived cellular models, ranging from mono-cultures to complex three-dimensional organoids, are discussed, as well as their use in studying human biology and diseases. The review concludes with the importance of maturation of iPSC-derived cells to ensure they recapitulate in vivo functionality and the potential of iPSCs in modeling human development and disease.Induced pluripotent stem cells (iPSCs) have transformed in vitro research and hold great promise for regenerative medicine. iPSCs can be expanded indefinitely, are amenable to genetic engineering, and can differentiate into most somatic cell types. They are widely used to model human development and diseases, perform drug screening, and develop cell therapies. This review outlines key developments in the iPSC field, highlighting the versatility of iPSC technology for in vitro modeling and therapeutic applications. It discusses the molecular mechanisms of somatic cell reprogramming, various iPSC-based cellular models, and their applications in modeling human development and diseases. Examples include neurological disorders, COVID-19, and cancer. The review also considers the use of iPSC-derived models in drug screening and the development of autologous and allogeneic cell therapies. The historical development of iPSC technology, including key discoveries leading to the reprogramming of somatic cells into iPSCs in 2006 and 2007, is outlined. The molecular mechanisms of reprogramming, including the roles of transcription factors, chromatin dynamics, and DNA methylation, are discussed. The review also covers methods for inducing iPSCs, such as viral and non-viral vectors, and small-molecule compounds. Applications of iPSCs include modeling human development, drug screening, and cell therapy. iPSC-derived cellular models, ranging from mono-cultures to complex three-dimensional organoids, are discussed, as well as their use in studying human biology and diseases. The review concludes with the importance of maturation of iPSC-derived cells to ensure they recapitulate in vivo functionality and the potential of iPSCs in modeling human development and disease.