We provide a commentary on Teichmüller's paper Extremale quasikonforme Abbildungen und quadratische Differentiale (Extremal quasiconformal mappings of closed oriented Riemann surfaces), Abh. Preuss. Akad. Wiss., Math.-Naturw. Kl. 1940, No.22, 1-197 (1940. The paper is quoted in several works, although it was read by very few people. Some of the results it contains were rediscovered later on and published without any reference to Teichmüller. In this commentary, we highlight the main results and the main ideas contained in that paper and we describe some of the important developments they gave rise to.The final version of this paper, together with the English translation of Teichmüller's paper, will apper in Volume V of the Handbook of Teichmüller theory (European Mathematical Society Publishing House, 2015).1 The word "conjecture," in this setting, sometimes means a claim which is not proved immediately, but which is proved later in the paper. For instance, a conjecture is made in § 100, and § 101 starts with: "This extremely insufficiently grounded conjecture shall now be proved."