Recent preliminary results from PEP on photon‐photon collisions are presented. The reaction γγ→μμ with single tagging is compared to predictions of QED, and the leptonic structure functions of the photon (F2 and 2×F1) extracted. The cross section for γγ→hadrons is reported from a double‐tag measurement with γγ c.m. energy (determined from the tags) between 2 and 20 GeV. New measurements of f0 production and an observation of η production are reported. Finally, single‐tagged measurements of exclusive 4π and KKππ states at low mass show the dependence of the former on photon mass‐squared, and provide evidence for φ production.