  Quantum M-theory is formulated using the current algebra technique. The
current algebra is based on a Kac-Moody algebra rather than usual finite
dimensional Lie algebra. Specifically, I study the $E_{11}$ Kac-Moody algebra
that was shown recently to contain all the ingredients of M-theory. Both the
internal symmetry and the external Lorentz symmetry can be realized inside
$E_{11}$, so that, by constructing the current algebra of $E_{11}$, I obtain
both internal gauge theory and gravity theory. The energy-momentum tensor is
constructed as the bilinear form of the currents, yielding a system of quantum
equations of motion of the currents/fields. Supersymmetry is incorporated in a
natural way. The so-called "field-current identity" is built in and, for
example, the gravitino field is itself a conserved super-current. One
unanticipated outcome is that the quantum gravity equation is not identical to
the one obtained from the Einstein-Hilbert action.
