The spectacular progress made during the last few years in reaching high energy densities in fast implosions of annular current sheaths (fast Z pinches) opens new possibilities for a broad spectrum of experiments, from x-ray generation to controlled thermonuclear fusion and astrophysics. Presently Z pinches are the most intense laboratory X ray sources (1.8 MJ in 5 ns from a volume 2 mm in diameter and 2 cm tall). Powers in excess of 200 TW have been obtained. This warrants summarizing the present knowledge of physics that governs the behavior of radiating current-carrying plasma in fast Z pinches. This survey covers essentially all aspects of the physics of fast Z pinches: initiation, instabilities of the early stage, magnetic Rayleigh-Taylor instability in the implosion phase, formation of a transient quasi-equilibrium near the stagnation point, and rebound. Considerable attention is paid to the analysis of hydrodynamic instabilities governing the implosion symmetry. Possible ways of mitigating these instabilities are discussed. Non-magnetohydrodynamic effects (anomalous resistivity, generation of particle beams, etc.) are summarized. Various applications of fast Z pinches are briefly described. Scaling laws governing development of more powerful Z pinches are presented. The survey contains 36 figures and more than 300 references.