Abstract. We discuss several new developments in the field of strange and heavy flavor physics in high energy heavy ion collisions. As shown by many recent theoretical works, heavy flavored particles give us a unique opportunity to study the properties of systems created in these collisions. Two in particular important aspects, the production of (multi) strange hypernuclei and the properties of heavy flavor mesons, are at the core of several future facilities and will be discussed in detail.As strange quarks have to be newly produced during the hot and dense stage of a relativistic nuclear collision, they carry information, on the properties of the matter that was created [1,2,3,4], to the observed final particle state. The enhancement of strange particle production is discussed [5,6,7,8,9] as a possible signal for the creation of a deconfined phase. Recently several observables, regarding strange and charm quarks have shown the importance of understanding the dynamics of strangeness and charm production in heavy ion collisions:• Strange particle ratios and yields from the ALICE collaboration may indicate that there is either no unique chemical freeze out point for strange an non-strange particles [10,11,12,13], or the light quark phase space is severely over-saturated [14].• Lattice calculations on the stability of the H-dibaryon indicate it might be either very loosely bound or a resonant state [15,16,17].• Viscous hydrodynamics, with fluctuating initial conditions [18] and finite but small viscous corrections, seems to describe strange hadron observables even at large baryon densities [19,20].• The hydrodynamic model calculations show sensitivity on the life time of the system and the applied equation of state [21].• There are indications that systems created in high energy p+p and p+Pb collisions can thermalize/equilibrate to a certain degree and show signs of collectivity [22,23,24,25].• A polarization of Λ's due to the finite angular momentum of the fireball is expected [26].