At a time when digital connectivity defines our lives, the importance of data in shaping the trajectory of global development cannot be understated. This publication seeks to unravel the multifaceted relationship between data and sustainable development, probing into its vast potential and the inherent risks, especially in the context of the 2030 Sustainable Development Agenda. Through an in-depth exploration of relevant literature and country case studies contributed by the members of the United Nations Commission on Science and Technology for Development (CSTD) and international organizations, we aim to offer a comprehensive understanding of how nations, both developed and developing, can harness data as a formidable ally in their quest for sustainable progress. In this publication, we uncover the channels through which data can invigorate developmental initiatives, streamline production systems, and champion evidence-informed policymaking-all of which culminate in the realization of the SDGs. The publication examines the impact of data-centric business models, such as digital platforms, elucidating their propensity to engender imbalances in labor markets, market competition, and consumption patterns.