Penguin, or loop, decays of B mesons induce effective flavor-changing neutr
al currents, which are forbidden at tree level in the standard model. These
decays give special insight into the CKM matrix and are sensitive to non-s
tandard-model effects. In this review, we give a historical and theoretical
introduction to penguins and a description of the various types of penguin
processes: electromagnetic, electroweak, and gluonic. We review the experi
mental searches for penguin de cays, including the measurements of the elec
tromagnetic penguins b --> s gamma and B --> K*gamma and gluonic penguins B
--> K pi, B+ --> omega K+ and B --> eta'K, and their implications for the
standard model and new physics. We conclude by exploring the future prospec
ts for penguin physics.