The phytohormone abscisic acid (ABA) affects a wide range of stages of plant development as well as the plant's response to biotic and abiotic stresses. Manipulation of ABA signaling in commercial crops holds promising potential for improving crop yields. Several decades of research have been invested in attempts to identify the first components of the ABA signaling cascade. It was only in 2009, that two independent groups identified the PYR/PYL/RCAR protein family as the plant ABA receptor. This finding was followed by a surge of studies on ABA signal transduction, many of them using Arabidopsis as their model. The ABA signaling cascade was found to consist of a double-negative regulatory mechanism assembled from three protein families. These include the ABA receptors, the PP2C family of inhibitors, and the kinase family, SnRK2. It was found that ABA-bound PYR/RCARs inhibit PP2C activity, and that PP2Cs inactivate SnRK2s. Researchers today are examining how the elucidation of the ABA signaling cascade in Arabidopsis can be applied to improvements in commercial agriculture. In this article, we have attempted to review recent studies which address this issue. In it, we discuss various approaches useful in identifying the genetic and protein components involved. Finally, we suggest possible commercial applications of genetic manipulation of ABA signaling to improve crop yields.