  The decay $K^+ \to \pi^+\nu\bar{\nu}$ is highly suppressed in the Standard
Model (SM), while its rate can be predicted with minimal theoretical
uncertainty. The branching ratio (BR) for this decay is thus a sensitive probe
of the flavor sector of the SM; its measurement, however, is a significant
experimental challenge. The primary goal of the NA62 experiment is to measure
${\rm BR}(K^+ \to \pi^+\nu\bar{\nu})$ with $\sim$10% precision. This will
require the observation of $10^{13}$ $K^+$ decays in the experiment's fiducial
volume, as well as the use of high-performance systems for precision tracking,
particle identification, and photon vetoing. These aspects of the experiment
will also allow NA62 to carry out a rich program of searches for lepton flavor
and/or number violating $K^+$ decays. Part of the experimental apparatus was
commissioned during a technical run in 2012; installation continues and data
taking is expected to begin in late 2014. The physics prospects and the status
of the NA62 experiment are reviewed.
