Publisher Summary This chapter focuses on the quantization of lie groups and lie algebras. The Algebraic Bethe Ansatz—the quantum inverse scattering method—emerges as a natural development of the various directions in mathematical physics: the inverse scattering method for solving nonlinear equations of evolution, the quantum theory of magnets, the method of commuting transfer-matrices in classical statistical mechanics, and factorizable scattering theory. The chapter discusses quantum formal groups, a finite-dimensional example, an infinite-dimensional example, and reviews the deformation theory and quantum groups.