This article gives an elementary review of gravitational collapse and the cosmic censorship hypothesis. Known models of collapse resulting in the formation of black holes and naked singularities are summarized. These models, when taken together, suggest that the censorship hypothesis may not hold in classical general relativity. The nature of the quantum processes that take place near a naked singularity, and their possible implication for observations, is briefly discussed.

17 pages, Latex File. Based on a talk given at the Discussion Workshop on Black Holes, Bangalore, 9-12 Dec. 1997, to appear in the Conference Proceedings