Combined Pulmonary Fibrosis and Emphysema (CPFE) refers to the coexistence of upper lobe predominant emphysema with diffuse pulmonary fibrosis, mainly in the lower lobes. Although initially described in patients with Idiopathic Pulmonary Fibrosis (IPF), since then it has been described in other forms of pulmonary fibrosis, most notably collagen tissue disorder associated interstitial lung diseases. High Resolution Computed Tomography (HRCT) has a pivotal role in diagnosis. Recognizing CPFE is not an academic exercise but has significant clinical implications. Thus, it is important for the treating physician to be familiarized with the radiological characteristics that will establish diagnosis. In this review we will discuss the special physiologic and radiological features of CPFE, the challenges in monitoring the course of the disease, the natural history and also the clinical importance of potential complications.A 74 year old male (current smoker, 50 pack years) presented to our clinic due to progressive dyspnea on exertion and non productive cough. He was diagnosed with COPD about 1 year ago and was treated with tiotropium and indacaterol. Clinical examination revealed the presence of clubbing and velcro like rales with bibasilar symmetric distribution. Pulmonary function tests exhibited an obstructive pattern (FEV1/FVC: 61 %) with a small reduction in TLC (74 % pred) and a disproportionate reduction in DLco (35 % pred). HRCT showed upper lobe paraseptal emphysema with subpleural honeycombing at the lung bases fulfilling the criteria of a definite UIP pattern. A complete clinical and laboratory testing excluded alternative causes and the diagnosis of CPFE in the context of IPF was established (Fig. 1a, b).