In recent years light-cone quantization of quantum field theory has em
erged as a promising method for solving problems in the strong couplin
g regime. The approach has a number of unique features that make it pa
rticularly appealing, most notably, the ground state of the free theor
y is also a ground state of the full theory. We discuss the light-cone
quantization of gauge theories from two perspectives: as a calculatio
nal tool for representing hadrons as QCD bound states of relativistic
quarks and gluons, and also as a novel method for simulating quantum f
ield theory on a computer. The light-cone Fock state expansion of wave
functions provides a precise definition of the parton model and a gene
ral calculus for hadronic matrix elements. We present several new appl
ications of light-cone Fock methods, including calculations of exclusi
ve weak decays of heavy hadrons, and intrinsic heavy-quark contributio
ns to structure functions. A general non-perturbative method for numer
ically solving quantum held theories, ''discretized light-cone quantiz
ation'', is outlined and applied to several gauge theories. This metho
d is invariant under the large class of light-cone Lorentz transformat
ions, and it can be formulated such that ultraviolet regularization is
independent of the momentum space discretization. Both the bound-stat
e spectrum and the corresponding relativistic light-cone wavefunctions
can be obtained by matrix diagonalization and related techniques. We
also discuss the construction of the light-cone Fock basis, the struct
ure of the light-cone vacuum, and outline the renormalization techniqu
es required for solving gauge theories within the Hamiltonian formalis
m on the light cone. (C) 1998 Elsevier Science B.V. All rights reserve
d.