Recent theoretical results on heavy flavor production and decay in the
framework of perturbative QCD are reviewed. This includes calculations
for top production at hadron colliders, inclusive charmonium
production and the comparison between the singlet and octet
mechanisms. Predictions for heavy flavor production in $e^+e^-$
annihilation will be discussed in some detail, covering both the
threshold and the high energy region. The first results in NLO for
heavy flavor decays will also be reviewed.