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Weyl and Dirac semimetals are three dimensional phases of matter with gapless electronic excitations that are protected by topology and symmetry. As three dimensional analogs of graphene, they have generated much recent interest. Deep connections exist with particle physics models of relativistic chiral fermions, and -despite their gaplessness -to solid-state topological and Chern insulators. Their characteristic electronic properties lead to protected surface states and novel responses to applied electric and magnetic fields. The theoretical foundations of these phases, their proposed realizations in solid state systems, recent experiments on candidate materials, as well as their relation to other states of matter are reviewed.