Recent advances in the understanding of the heavy quark physics with and without the framework of the Heavy Quark Effective Theory are reviewed. This includes, among others, reviews on heavy quarks in lattice gauge theory, the production of heavy quarks and quarkonia, the physics of the top quark and the influence of the top quark on electroweak precision experiments. The experimental results provided by the ARGUS, CLEO and LEP experiments are also reviewed.