The theory of periodic orbits for conservative Hamiltonian systems and
the way that it is applied to analyse vibrational spectra of highly e
xcited polyatomic molecules is reviewed. Applications for triatomic, t
etratomic molecules and van der Waals clusters are presented. It is sh
own that the periodic orbit method can trace localized eigenfunctions
above potential barriers which are associated with saddle-node bifurca
tions. Such states connect separate minima on the potential energy sur
face, and thus, are important for studying isomerization processes.