We present a summary of recent progress and remaining challenges in applying the methods and ideas of quantum information theory to the study of quantum field theory and quantum gravity. Important topics and themes include: entanglement entropy in QFTs and what it reveals about RG flows, symmetries, and phases; scrambling, information spreading, and chaos; state preparation and complexity; classical and quantum simulation of QFTs; and the role of information in holographic dualities. We also highlight the ways in which quantum information science benefits from the synergy between the fields.