  A reliable determination of the Cabibbo-Kobayashi-Maskawa matrix element
$|V_{cb}|$ is mandatory for precision flavor physics and for the search for CP
violating phases from new, heavy particles. In this article, we review the
theory of the determination of $|V_{cb}|$ from inclusive semileptonic $B$
decays. We discuss the available measurements of the semileptonic $B$ branching
fraction and other inclusive observables in B decays relevant to the
determination of $|V_{cb}|$. Finally, we perform a global fit to extract
$|V_{cb}|$ and the $b$-quark mass $m_b$.
