OSIRIS (Optical System for Imaging and low Resolution Integrated Spectroscopy) is the optical Day One instrument for the 10.4m Spanish telescope GTC to be installed in the Observatorio del Roque de Los Muchachos (La Palma, Spain). This instrument, operational in mid-2004, covers from 360 up to 1000 nm. OSIRIS observing modes include direct imaging with tunable and conventional filters, long slit and multiple object spectroscopy and fast spectrophotometry. The OSIRIS wide field of view, high efficiency and the new observing modes (tunable imaging and fast spectrophotometry) for 8-10m class telescopes will provide GTC with a powerful tool for their scientific exploitation. The present paper provides an updated overview of the instrument development, of some of the scientific projects that will be tackled with OSIRIS and of the general requirements driving the optical and mechanical design.