A short historical outline of the discovery and a description of observed properties of quasars introduces questions as to their nature. Some of the principal arguments concerning their reality, distance, intrinsic properties and age lead to the conclusion that, while there is room for other points of view; a strong case can be made for the interpretation, on which quasars are the most distant observable objects in the known universe. To produce such luminosities over times of thousands to millions of years requires the presence of millions of solar masses. For each quasar this enormous mass may be concentrated into a single object, in which case novel physics comes into play. Whatever the final interpretation, quasars seem certain to illuminate such questions as the origin and evolution of galaxies, perhaps also the structure and origin of the universe.