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Societal Impact Statement: A diverse portfolio of genetically engineered food crops, as well as animal livestock and fish, are currently being developed and commercialized. To ensure their contributions to long‐term sustainability, a broad range of environmental, health, ethical, and societal parameters should be used in their evaluations. This paper proposes a set of parameters to evaluate the sustainability of genetically engineered food and agriculture products and discusses mechanisms to improve their governance and oversight. With such holistic evaluations, genetic engineering applications that are deemed beneficial to sustainable agriculture could be identified in an effort to foster sustainability. Summary: To achieve international sustainable development goals, food and agricultural production need to rely on sustainable and resilient practices. Traditional breeding as well as the use of new agricultural technologies, including genetic engineering and gene editing, have the potential to help achieve sustainable agrifood production. Although numerous oversight mechanisms exist to guarantee the secure and sustainable advancement and utilization of genetically engineered agrifoods, the majority of these mechanisms heavily depend on a narrow set of parameters to assess risks and safety concerning human health and nontarget organisms. However, a more comprehensive range of parameters should be considered to promote environmental and social sustainability in a more holistic manner. This Opinion article argues that to achieve a more sustainable agrifood production that relies on genetic engineering, governance systems related to new agrifood biotechnologies should incorporate a broader array of environmental, health, ethical, and societal factors to ensure their sustainability in the long‐term. To facilitate this process, we propose a set of parameters to help evaluate the sustainability of agrifoods that rely on genetic engineering. We then discuss major challenges and opportunities for formalizing sustainability parameters in US governance policy and decision‐making systems. Overall, this work contributes to further developing a more comprehensive assessment framework that aims to minimize potential risks and maximize potential benefits of agrifood biotechnology while also fostering sustainability. [ABSTRACT FROM AUTHOR]