The pioneering discovery by Dr. Shinya Yamanaka of how somatic cells, such as skin cells, can be reprogrammed into stem cells has transformed biological research and introduced a plethora of novel experimental models that recapitulate human biology. These cells, known as induced pluripotent stem cells (iPSCs), can be differentiated into most somatic cell types, various organoids, and other complex cellular assemblies. In this publication, we discuss the wide-ranging applications of iPSCs in modeling human development and disease, drug development, and regenerative medicine.