Seventy years after Einstein's prediction, the seminal achievement of Bose- Einstein condensation in dilute atomic gases in 1995 has provided us with a new form of laser-like quantum matter. Today, research with bosonic and fermionic quantum gases has developed into an exciting and challenging research field with applications ranging from atomic- and molecular physics, over quantum optics and quantum information processing to the investigation of strongly correlated many body quantum phenomena. An introduction on how these novel states of matter are created in the laboratories at temperatures of only a few Microkelvin - one million times colder than anywhere in the universe -- will be given, as well as a review of a recent series of fundamental studies, highlighting the huge impact this research field has also had on other areas of physics. In an outlook the perspectives and challenges of this young and vibrating research field will be discussed.