A 35 gene error corrected next generation sequencing (NGS) panel was created using single molecule molecular inversion probes with applicability to 83% of acute myeloid leukemia (AML). We accrued 201 patients of adult AML treated with conventional therapy, in morphological remission and evaluated measurable residual disease using NGS (NGS-MRD) as well as multiparameter flow cytometry (FCM-MRD) at post induction (PI) and consolidation (PC) time points. A total of 344 mutations were detected [median VAF of 0.95% (0.76% after excluding mutations in DNMT3A, TET2, ASXL1)] during assessment of MRD. Nearly 71% of patients harbored PI NGS-MRD (and 40.9% harbored PC-MRD). Patients harboring NGS-MRD had a significantly higher cumulative incidence of relapse (CIR), inferior overall survival (OS) and relapse free survival (RFS) as compared to NGS-MRD negative patients at PI and PC time points. NGS-MRD was predictive of inferior outcome in intermediate cytogenetic risk and demonstrated potential in favorable cytogenetic risk AML. Patients who cleared PI NGS-MRD (and stayed negative) had a significantly improved survival as compared to patients who became negative subsequently indicating that kinetics of NGS-MRD clearance was of paramount importance. NGS-MRD identified over 80% of cases identified by flow cytometry at PI time point whereas FCM identified 49.3% identified by NGS. Both FCM and NGS MRD were important in predicting outcome however, PI NGS-MRD emerged as the most important independent prognostic factor predictive of inferior outcome. We demonstrate that panel based NGS-MRD is highly predictive of outcome and advantageous when compared to FCM-MRD in AML treated with conventional therapies.