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Equilibrium and nonequilibrium properties of correlated many-body systems are of growing interest in many areas of physics, including condensed matter, dense plasmas, nuclear matter and particles. The most powerful and general method which is equally applied to all these areas is given by quantum field theory. This book provides an overview of the basic ideas and concepts of the method of nonequilibrium Green's functions, written by the leading experts and presented in a way accessible to non-specialists and graduate students. It is complemented by invited review papers on modern applications of the method to a variety of topics, such as optics and quantum transport in semiconductors; superconductivity; strong field effects, QCD, and state-of-the-art computational concepts - from Green's functions to quantum Monte Carlo and time-dependent density functional theory.