The New Education Policy (NEP) 2020 introduces comprehensive reforms in the Indian education system, with far-reaching implications for its key stakeholders. From the teachers’ perspective, the policy emphasizes professional development, academic freedom, and the adoption of innovative pedagogies, which empower them to shift from rote-based teaching to competency-driven instruction. For students, NEP 2020 offers a learner-centric framework with multiple entry and exit options, vocational training, digital integration, and flexibility in subject choices, thereby encouraging creativity, critical thinking, and employability skills. Institutions, on the other hand, are expected to adopt multidisciplinary structures, enhanced research orientation, and autonomy in governance to build inclusive and globally competitive learning environments. While these reforms provide significant opportunities, challenges such as infrastructure readiness, teacher training, and bridging the digital divide remain. By analyzing these perspectives, this paper highlights how NEP 2020 can reshape the educational landscape if implemented effectively and inclusively.