Technological advancements have led to an increased use of the internet of things (IoT) to enhance the resource use efficiency, productivity, and cost-effectiveness of agricultural production systems, particularly under the current scenario of climate change. Increasing world population, climate variations, and propelling demand for the food are the hot discussions these days. Keeping in view the importance of the abovementioned issues, this manuscript summarizes the modern approaches of IoT and smart techniques to aid sustainable crop production. The study also demonstrates the benefits of using modern IoT approaches and smart techniques in the establishment of smart- and resource-use-efficient farming systems. Modern technology not only aids in sustaining productivity under limited resources, but also can help in observing climatic variations, monitoring soil nutrients, water dynamics, supporting data management in farming systems, and assisting in insect, pest, and disease management. Various type of sensors and computer tools can be utilized in data recording and management of cropping systems, which ensure an opportunity for timely decisions. Digital tools and camera-assisted cropping systems can aid producers to monitor their crops remotely. IoT and smart farming techniques can help to simulate and predict the yield production under forecasted climatic conditions, and thus assist in decision making for various crop management practices, including irrigation, fertilizer, insecticide, and weedicide applications. We found that various neural networks and simulation models could aid in yield prediction for better decision support with an average simulation accuracy of up to 92%. Different numerical models and smart irrigation tools help to save energy use by reducing it up to 8%, whereas advanced irrigation helped in reducing the cost by 25.34% as compared to soil-moisture-based irrigation system. Several leaf diseases on various crops can be managed by using image processing techniques using a genetic algorithm with 90% precision accuracy. Establishment of indoor vertical farming systems worldwide, especially in the countries either lacking the supply of sufficient water for the crops or suffering an intense urbanization, is ultimately helping to increase yield as well as enhancing the metabolite profile of the plants. Hence, employing the advanced tools, a modern and smart agricultural farming system could be used to stabilize and enhance crop productivity by improving resource use efficiency of applied resources i.e., irrigation water and fertilizers.