頻繁的戰爭並沒有阻止新興國傢對世界的廣大地區進行探索和徵服，特別是對亞洲（西伯利亞）和新發現的美洲。在15世紀，葡萄牙在地理大發現中獨占鰲頭，緊隨其後的是16世紀的西班牙。它們是第一批在美洲設立殖民地和在亞洲和非洲海岸設立貿易站的國傢，但隨後被法國、英國和荷蘭趕上。1552年俄國沙皇伊凡雷帝徵服了兩個韃靼汗國——喀山和阿斯特拉罕，另外葉爾馬剋‧齊莫菲葉維奇於1580年的遠征使西伯利亞並入俄羅斯。
殖民擴張在接下來的幾個世紀中繼續進行（遇到過一些挫折，比如英屬北美以及隨後的墨西哥、巴西和其他國傢在拿破侖戰爭前後的成功獨立）。西班牙控製了北美的一部分和大部分中南美洲、加勒比海和菲律賓；英國獲得整個澳大利亞和新西蘭、印度的絶大部分，以及非洲和北美的許多地區；法國獲得加拿大的一部分和印度（幾乎全部在1763年巴黎條約中落於英國之手）、印度支那、非洲的許多地區以及加勒比群島；荷蘭獲得東印度群島（現在的印度尼西亞）和加勒比海中的一些群島；葡萄牙獲得巴西和幾塊非洲和亞洲的土地；隨後而來的列強如德國、比利時、意大利和俄羅斯也都取得了更多的殖民地。
這些擴張對於宗主國的經濟大有裨益。因為帝國並不穩如磐石，貿易一度甚囂塵上。至16世紀末，美洲的銀占西班牙國傢總預算的五分之一。歐洲國傢之間的戰爭費用主要由殖民地的資金支付。但是，當時英屬殖民地收益最豐的奴隸貿易和西印度群島種植園，在18世紀後期的工業革命時期衹占大英帝國經濟總額的5%（但收益率更高）。
The numerous wars did not prevent the new states from exploring and conquering wide portions of the world, particularly in Asia (Siberia) and the newly-discovered Americas. In the 15th century, Portugal led the way in geographical exploration, followed by Spain in the early 16th century. They were the first states to set up colonies in America and trade stations on the shores of Africa and Asia, but they were soon followed by France, England and the Netherlands. In 1552, Russian tsar Ivan the Terrible conquered two major Tatar khanates, Kazan and Astrakhan, and the Yermak's voyage of 1580 led to the annexation of Siberia into Russia.
Colonial expansion proceeded in the following centuries (with some setbacks, such as successful wars of independence in the British American colonies and then later Mexico, Brazil, and others surrounding the Napoleonic Wars). Spain had control of part of North America and a great deal of Central America and South America, the Caribbean and the Philippines; Britain took the whole of Australia and New Zealand, most of India, and large parts of Africa and North America; France held parts of Canada and India (nearly all of which was lost to Britain in 1763), Indochina, large parts of Africa and Caribbean islands; the Netherlands gained the East Indies (now Indonesia) and islands in the Caribbean; Portugal obtained Brazil and several territories in Africa and Asia; and later, powers such as Germany, Belgium, Italy and Russia acquired further colonies.
This expansion helped the economy of the countries owning them. Trade flourished, because of the minor stability of the empires. By the late 16th century American silver accounted for one-fifth of the Spain's total budget. The European countries fought wars that were largely paid for by the money coming in from the colonies. Nevertheless, the profits of the slave trade and of plantations of the West Indies, most profitable of all the British colonies at that time, amounted to less than 5% of the British Empire's economy (but was generally more profitable) at the time of the Industrial Revolution in the late 18th century.