doi:10.1088/1367-2630/11/5/055049 Abstract. This paper presents a review of the current state of the art in the research field of cold and ultracold molecules. It serves as an introduction to the focus issue of New Journal of Physics on Cold and Ultracold Molecules and describes new prospects for fundamental research and technological development. Cold and ultracold molecules may revolutionize physical chemistry and few-body physics, provide techniques for probing new states of quantum matter, allow for precision measurements of both fundamental and applied interest, and enable quantum simulations of condensed-matter phenomena. Ultracold molecules offer promising applications such as new platforms for quantum computing, precise control of m...