The present invention provides an efficient overhead transportation system that allows multiple transportation vehicles to transport individual loads simultaneously in X-Y-Z direction on guided path. In an embodiment, the present invention provides an efficient overhead crane system for use in automatable material handling and storage comprises of plurality of overhead cranes each supported by a transport vehicle, a guided rail matrix on each level, a lift mechanism at one or more ends of the guided rail matrix, and a control system wherein the system allows said plurality of overhead cranes supported by transport vehicles mounted over the guide rail matrix to travel in X-Y-Z direction for material handling and storage. The said guided rail matrices may be supported by roof ceiling using a suitable screwing technique. The said guide rail matrix is such that a plurality of cells are formed and the transport vehicle runs on guide rails surrounding the cells. The control system includes controllers such as but not limited to programmable logic controllers, microcontrollers etc. In another embodiment, the present invention provides a plurality of overhead crane each having a transport vehicle wherein each overhead crane and transport vehicle are integrated with a microcontroller and a built-in sensing unit to avoid collision between vehicles as well as material carried. The transport vehicle optionally comprises robotic arms or portable machinery to place material appropriately or perform work (like packing, machining, other operations) to produce goods.