Recently invented and demonstrated, optical lattice clocks hold great promise for improving the precision of modern timekeeping. These clocks aim at the 10^-18 fractional accuracy, which translates into a clock that would neither lose or gain a fraction of a second over an estimated age of the Universe. In these clocks, millions of atoms are trapped and interrogated simultaneously, dramatically improving clock stability. Here we discuss the principles of operation of these clocks and, in particular, a novel concept of "magic" trapping of atoms in optical lattices. We also highlight recently proposed microwave lattice clocks and several applications that employ the optical lattice clocks as a platform for precision measurements and quantum information processing.

18 pages, 15 figures