Potassium (K+) is an essential macronutrient for plant growth and productivity. It is the most abundant cation in plants and is involved in various cellular processes. Variable K+ availability is sensed by plant roots, consequently K+ transport proteins are activated to optimize K+ uptake. In addition to K+ uptake and translocation these proteins are involved in other important physiological processes like transmembrane voltage regulation, polar auxin transport, maintenance of Na+/K+ ratio and stomata movement during abiotic stress responses. K+ transport proteins display tremendous genomic and structural diversity in plants. Their key structural features, such as transmembrane domains, N-terminal domains, C-terminal domains and loops determine their ability of K+ uptake and transport and thus, provide functional diversity. Most K+ transporters are regulated at transcriptional and post-translational levels. Genetic manipulation of key K+ transporters/channels could be a prominent strategy for improving K+ utilization efficiency (KUE) in plants. This review discusses the genomic and structural diversity of various K+ transport proteins in plants. Also, an update on the function of K+ transport proteins and their regulatory mechanism in response to variable K+ availability, in improving KUE, biotic and abiotic stresses is provided.