Quantum resource theories have been widely studied to systematically characterize the nonclassicality of quantum systems. Most resource theories focus on quantum states and study their interconversions. Although quantum channels are generally used as the tool for state manipulation, such a manipulation capability can be naturally regarded as a generalized quantum resource, leading to an open research direction in the resource theories of quantum channels. Various resourcetheoretic properties of channels have been investigated, however, without treating channels themselves as operational resources that can also be manipulated and converted. In this Letter, we address this problem by first proposing a general resource framework for quantum channels and introducing resource monotones based on general distance quantifiers of channels. We study the interplay between channel and state resource theories by relating resource monotones of a quantum channel to its manipulation power of the state resource. Regarding channels as operational resources, we introduce asymptotic channel distillation and dilution, the most important tasks in an operational resource theory, and show how to bound the conversion rates with channel resource monotones. Finally, we apply our results to quantum coherence as an example and introduce the coherence of channels, which characterizes the coherence generation ability of channels. We consider asymptotic channel distillation and dilution with maximally incoherent operations and find the theory asymptotically irreversible, in contrast to the asymptotic reversibility of the coherence of states.Quantum resource theories have been developed as systematic frameworks for the characterization, quantification, and operational interpretation for various quantum effects, including coherence [1][2][3], discord [4][5][6], entanglement [7][8][9], thermodynamics [10,11], magic in stabilizer computation [12][13][14], etc. The advances in quantum resource theories not only lead to a deeper understanding of the underlying physics, but also provide new insights and mathematical tools for various quantum information processing tasks that exploit the resources, such as quantum key distribution [15,16], quantum random number generation [17][18][19], and quantum computing [13,[20][21][22][23][24]. We refer to Ref.[25] for a recent review.A quantum resource theory usually starts by defining three important components: free states, free operations and resource measures. Free states are those quantum states that do not possess any resource. Free operations are quantum operations that cannot generate resource from free states, and their precise definitions are guided by physical motivations. Resource measures are functionals that map quantum states to real numbers, which cannot be increased under free operations. In an operational resource theory, one of the most important tasks is to study state conversion under free operations. Resource distillation and dilution are optimal schemes that convert between a given state an...