  Recent theoretical results on heavy flavor production and decay in the
framework of perturbative QCD are reviewed. This includes calculations for top
production at hadron colliders, inclusive charmonium production and the
comparison between the singlet and octet mechanisms. Predictions for heavy
flavor production in $e^+e^-$ annihilation will be discussed in some detail,
covering both the threshold and the high energy region. The first results in
NLO for heavy flavor decays will also be reviewed.
