Collimated jets of hadrons serve as precision tests of the standard model and in particular QCD.
For example, jets observables have been applied extensively to constrain parton distribution functions
and to probe the hot and dense medium created in heavy-ion collisions, as well as to the
search for physics beyond the standard model. In this talk, I will mainly focus on recent theoretical
developments based on the effective field theory approach to jet physics. This newly established
framework allows for precision calculations of jet cross sections and enables a direct comparison
of experimental data and first principles calculations of jet substructure observables. Particular
examples of hadron and subjet distributions as well as the jet mass distribution will be presented.
I will also discuss future applications and developments for jet physics at the LHC, RHIC and the
planned EIC.