We review the application of lattice QCD to the phenomenology of b- and c-quarks. After a short discussion of the lattice techniques used to evaluate hadronic matrix elements and the corresponding systematic uncertainties, we summarise results for leptonic decay constants, B--Bbar mixing, semileptonic and rare radiative decays. A discussion of the determination of heavy quark effective theory parameters is followed by an explanation of the difficulty in applying lattice methods to exclusive nonleptonic decays.

52 pages LaTeX with 10 eps files. Requires: hfsprocl.sty (included) plus axodraw.sty, rotating.sty and array.sty. To appear in Heavy Flavours (2nd edition) edited by A J Buras and M Lindner (World Scientific, Singapore). Revised version corrects typo in axis labelling of Fig 10