频繁的战争并没有阻止新兴国家对世界的广大地区进行探索和征服，特别是对亚洲（西伯利亚）和新发现的美洲。在15世纪，葡萄牙在地理大发现中独占鳌头，紧随其后的是16世纪的西班牙。它们是第一批在美洲设立殖民地和在亚洲和非洲海岸设立贸易站的国家，但随后被法国、英国和荷兰赶上。1552年俄国沙皇伊凡雷帝征服了两个鞑靼汗国——喀山和阿斯特拉罕，另外叶尔马克‧齐莫菲叶维奇于1580年的远征使西伯利亚并入俄罗斯。
殖民扩张在接下来的几个世纪中继续进行（遇到过一些挫折，比如英属北美以及随后的墨西哥、巴西和其他国家在拿破仑战争前后的成功独立）。西班牙控制了北美的一部分和大部分中南美洲、加勒比海和菲律宾；英国获得整个澳大利亚和新西兰、印度的绝大部分，以及非洲和北美的许多地区；法国获得加拿大的一部分和印度（几乎全部在1763年巴黎条约中落于英国之手）、印度支那、非洲的许多地区以及加勒比群岛；荷兰获得东印度群岛（现在的印度尼西亚）和加勒比海中的一些群岛；葡萄牙获得巴西和几块非洲和亚洲的土地；随后而来的列强如德国、比利时、意大利和俄罗斯也都取得了更多的殖民地。
这些扩张对于宗主国的经济大有裨益。因为帝国并不稳如磐石，贸易一度甚嚣尘上。至16世纪末，美洲的银占西班牙国家总预算的五分之一。欧洲国家之间的战争费用主要由殖民地的资金支付。但是，当时英属殖民地收益最丰的奴隶贸易和西印度群岛种植园，在18世纪后期的工业革命时期只占大英帝国经济总额的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.