We review recent experimental and theoretical progress on ultracold alkaline-earth Fermi gases with emergent SU(N ) symmetry. Emphasis is placed on describing the ground-breaking experimental achievements of recent years. The latter include the cooling to below quantum degeneracy of various isotopes of ytterbium and strontium, the demonstration of optical Feshbach resonances and the optical Stern-Gerlach effect, the realization of a Mott insulator of 173 Yb atoms, the creation of various kinds of Fermi-Bose mixtures and the observation of many-body physics in optical lattice clocks. On the theory side, we survey the zoo of phases that have been predicted for both gases in a trap and loaded into an optical lattice, focusing on two and three-dimensional systems. We also discuss some of the challenges that lie ahead for the realization of such phases, such as reaching the temperature scale required to observe magnetic and more exotic quantum orders, and dealing with collisional relaxation of excited electronic levels.