  We review the experimental measurements and theoretical descriptions of
leptonic and semileptonic decays of particles containing a single heavy quark,
either charm or bottom. Measurements of bottom semileptonic decays are used to
determine the magnitudes of two fundamental parameters of the standard model,
the Cabibbo-Kobayashi-Maskawa matrix elements $V_{cb}$ and $V_{ub}$. These
parameters are connected with the physics of quark flavor and mass, and they
have important implications for the breakdown of CP symmetry. To extract
precise values of $|V_{cb}|$ and $|V_{ub}|$ from measurements, however,
requires a good understanding of the decay dynamics. Measurements of both charm
and bottom decay distributions provide information on the interactions
governing these processes. The underlying weak transition in each case is
relatively simple, but the strong interactions that bind the quarks into
hadrons introduce complications. We also discuss new theoretical approaches,
especially heavy-quark effective theory and lattice QCD, which are providing
insights and predictions now being tested by experiment. An international
effort at many laboratories will rapidly advance knowledge of this physics
during the next decade.
