The Large Hadron Collider (LHC) at CERN has been collecting data at an impressive rate over the past decades. These data have led to the discovery of the Higgs boson, completed the Standard Model, and enabled stringent tests of its predictions at high precision. Upcoming LHC data will allow even more demanding tests of the Standard Model and provide new opportunities to explore physics beyond it. Precise theoretical predictions will be essential to fully exploit this high-precision data. In this talk, I will review the current status of precision calculations at colliders and discuss the challenges ahead.