Significant progress has recently been achieved in the lattice gauge theory calculations required for extracting the fundamental parameters of the standard model from experiment. Recent lattice determinations of such quantities as the kaon $B$ parameter, the mass of the $b$ quark, and the strong coupling constant have produced results and uncertainties as good or better than the best conventional determinations. Many other calculations crucial to extracting the fundamental parameters of the standard model from experimental data are undergoing very active development. I review the status of such applications of lattice QCD to standard model phenomenology, and discuss the prospects for the near future.

20 pages, 8 embedded figures, uuencoded, 2 missing figures. (Talk presented at the Lepton-Photon Symposium, Cornell University, Aug. 10-15, 1993.)