We review the status of the theory and phenomenology of heavy-quark symmetry, exclusive weak decays of B mesons, inclusive decay rates and lifetimes of b hadrons, and CP violation in B-meson decays. We review the status of the theory and phenomenology of heavy-quark symmetry, exclusive weak decays of B mesons, inclusive decay rates and lifetimes of b hadrons, and CP violation in B-meson decays.