Abstract Studies of QCD thermodynamics on the lattice now can be performed with an almost realistic quark mass spectrum and on quite large lattices. This will soon allow a controlled extrapolation to the continuum limit. We present recent results on the QCD equation of state, discuss deconfining and chiral symmetry restoring aspects of the QCD transition at vanishing chemical potential and show results on baryon number, electric charge and strangeness fluctuations. We briefly discuss the generic structure of Taylor expansion coefficients in the vicinity of the chiral phase transition and comment on the determination of the anticipated chiral critical point within the framework of Taylor expansions of the QCD partition function.