Our study briefly reviews the data sources and methods used in compiling the International Agency for Research on Cancer (IARC) GLOBOCAN cancer statistics for the year 2020 and summarises the main results. National estimates were calculated based on the best available data on cancer incidence from population‐based cancer registries (PBCR) and mortality from the World Health Organization mortality database. Cancer incidence and mortality rates for 2020 by sex and age groups were estimated for 38 cancer sites and 185 countries or territories worldwide. There were an estimated 19.3 million (95% uncertainty interval UI: 19.0‐19.6 million) new cases of cancer (18.1 million excluding non‐melanoma skin cancer) and almost 10.0 million (95% UI: 9.7‐10.2 million) deaths from cancer (9.9 million excluding non‐melanoma skin cancer) worldwide in 2020. The most commonly diagnosed cancers worldwide were female breast cancer (2.26 million cases), lung (2.21) and prostate cancers (1.41); the most common causes of cancer death were lung (1.79 million deaths), liver (830000) and stomach cancers (769000). What's new? As part of the latest International Agency for Research on Cancer (IARC) GLOBOCAN cancer statistics update, here the authors provide a comprehensive description of the data sources and methods used to compute the global incidence and mortality estimates for 38 cancers corresponding to the year 2020. The reported uncertainty intervals incorporate the major sources of error that may contribute to the uncertainty of these estimations. In addition to providing a global snapshot of the cancer burden in 2020, the estimates presented here can support the planning and prioritization of cancer control efforts at the global and national levels.