Malaysia’s palm oil sector experienced significant growth in production, exports, and prices in 2024, despite a slight decrease in total planted area due to replanting initiatives. The crude palm oil (CPO) production rose in early 2024 due to improved fresh fruit bunches (FFB) yield and labour availability, but fell below 2023 levels in the last quarter due to unfavourable weather patterns. The total exports of oil palm products increased compared to 2023, primarily driven by higher demand from major importing countries, with India leading the way. Research and development (R&D) across the industry have advanced significantly, adopting innovative and interdisciplinary approaches. In the upstream sector, efforts focused on enhancing soil and plant health, conserving biodiversity, and developing high-yielding, resilient oil palm varieties. There were efforts to use mechanisation in plantations and Industrial Revolution 4.0 (IR4.0) in mills, such as Artificial Intelligence of Things (AIoT)-based fruit sorting, targeted spraying systems and mechanised harvesting in the midstream industry. The adaptability of palm oil allows for the investigation of its nutritional values for application in dietary supplements and functional meals as well as value addition in oleochemical derivatives to secure a greater share of the value chain in the downstream sector.