The status of Lattice QCD is reviewed with respect to results that are relevant to Standard Model phenomenology. I argue that in a few simple cases all (or almost all) systematic errors from the lattice calculation are under control. Lattice QCD calculations of quarkonia ($\bb$ and $\cc$) have yielded precise determinations of the strong coupling, $��_s$, and the heavy quark masses. Recent work on the kaon $B$ parameter has also led to a significant reduction in systematic errors, resulting in a precise determination of this hadronic matrix element. I discuss recent progress in other calculations of potential phenomenological significance, as well as problems and prospects.

replaced Figure 4 in manuscript. The correct results (from F. Butler, et al., Nucl. Phys. B 421 (1994) 217) are $f_{\pi}/m_{\rho} = 0.150 (20)$, $f_K/m_{\rho} = 0.174 (13)$ and $f_K/f_{\pi} = 1.157 (87)$. 24 pages uuencoded postscript; review talk presented at Physics in Collisions '94, Tallahassee, FL, June 15-17 1994