The demand for cotton fibres is increasing due to growing global population while its production is facing challenges from an unpredictable rise in temperature owing to rapidly changing climatic conditions. High temperature stress is a major stumbling block relative to agricultural production around the world. Therefore, the development of thermo-stable cotton cultivars is gaining popularity. Understanding the effects of heat stress on various stages of plant growth and development and its tolerance mechanism is a prerequisite for initiating cotton breeding programs to sustain lint yield without compromising its quality under high temperature stress conditions. Thus, cotton breeders should consider all possible options, such as developing superior cultivars through traditional breeding, utilizing molecular markers and transgenic technologies, or using genome editing techniques to obtain desired features. Therefore, this review article discusses the likely effects of heat stress on cotton plants, tolerance mechanisms, and possible breeding strategies.