Genomics is increasingly being seen as a tool that can be applied to facilitate research in a wide variety of areas, and the availability of insect genomes has increased rapidly. These tools are becoming increasingly widely available as sequencing costs continue to plummet. There is almost 230 insect genome sequencing projects have been initiated by different Institutes, universities and research centers. Amongst these, only 14 genomes are complete, 94 genomes are in scaffolds/contigs phases and for rest 122 genomes SRA/Traces are submitted. The estimated number of chromosomes and genome size for these insects vary from 3 – 28 and 65 – 570 Mb. The i5k initiative plans to sequence the genomes of 5,000 insect and related arthropod species over the next 5 years. This project will be transformative because it aims to sequence the genomes of all insect species known to be important to worldwide agriculture, food safety, medicine, and energy production; all those used as models in biology; the most abundant in world ecosystems; and representatives in every branch of insect phylogeny so as to achieve a deep understanding of arthropod evolution and phylogeny.