This volume reflects the proceedings of the International Conference on Representations of Affine and Quantum Affine Algebras and Their Applications held at North Carolina State University (Raleigh). In recent years, the theory of affine and quantum affine Lie algebras has become an important area of mathematical research with numerous applications in other areas of mathematics and physics. Three areas of recent progress are the focus of this volume: affine and quantum affine algebras and their generalizations, vertex operator algebras and their representations, and applications in combinatorics and statistical mechanics. Talks given by leading international experts at the conference offered both overviews on the subjects and current research results. The book nicely presents the interplay of these topics recently occupying 'center stage' in the theory of infinite dimensional Lie theory.