Platform-based manufacturing is substantially changing the way production is conceived and performed. Companies do not know who is making their parts, part manufacturers do not necessarily own the machines, and knowledge and decisions cross the borders of firms. This revolutionary approach is already becoming a reality thanks to a wealth of innovations related to manufacturing science as well as information and communication technologies, and novel business models that meet together at the right moment of their evolution. Considering the existing literature and digging into the phenomenon by interviewing decision-makers, the paper reconstructs the roots of these developments, analyzes the challenges posed to the manufacturing sector, focuses on recent challenges and opportunities, and finally delineates visions for the future.