We develop operator renewal theory for flows and apply this to obtain results on mixing and rates of mixing for a large class of finite and infinite measure semiflows. Examples of systems covered by our results include suspensions over parabolic rational maps of the complex plane, and nonuniformly expanding semiflows with indifferent periodic orbits. In the finite measure case, the emphasis is on obtaining sharp rates of decorrelations, extending results of Gouëzel and Sarig from the discrete time setting to continuous time. In the infinite measure case, the primary question is to prove results on mixing itself, extending our results in the discrete time setting. In some cases, we obtain also higher order asymptotics and rates of mixing