The National Education Policy 2020 (NEP 2020) represents a landmark reform in India’s education paradigm, signalling a transformational shift in preservice teacher education. The article examines the policy's major thrusts such as restructuring teacher preparation, emphasizing foundational pedagogies, promoting technology integration, and nurturing inclusive practices and analyses how these are being translated into practice. Drawing from the policy document, recent implementation reports, and emerging practices across teacher education institutions, the study assesses the successes, challenges, and prospects. Key findings reveal that while NEP 2020’s comprehensive vision promises to elevate preservice teacher quality, systemic bottlenecks like faculty readiness, infrastructural constraints, curriculum redesign pace, and stakeholder alignment constraint effective realization. The paper offers strategic recommendations to close the gap between policy and practice, while recognizing NEP 2020’s promise to shape a future where teacher education is dynamic, grounded in research, responsive to local contexts, and centred on equity.