Applications of the complete active space (CAS) SCF method and multiconfigurational second-order perturbation theory (CASPT2) in electronic spectroscopy are reviewed. The CASSCF/CASPT2 method was developed five to seven years ago and the first applications in spectroscopy were performed in 1991. Since then, about 100 molecular systems have been studied. Most of the applications have been to organic molecules and to transition metal compounds. The overall accuracy of the approach is better than 0.3 eV for excitation energies except in a few cases, where the CASSCF reference function does not characterize the electronic state with sufficient accuracy. Some of the more important aspects of the theory behind the method are described in the review. In particular, the choice of the zeroth-order Hamiltonian is discussed together with the intruder-state problem and its solution. A generalization of the method to a multistate perturbation approach is suggested. Problems specifically related to spectroscopic applications are discussed, such as the choice of the active space and the treatment of solvent effects. The spirit is to show some of the results, but also to guide users of the approach by pointing to the problems and limitations of-the method. The review covers some of the newer applications in the spectroscopy of organic molecules: acetone, methylenecyclopropene, biphenyl, bithiophene, the protein chromophores indole and imidazole, and a series of radical cations of conjugated polyenes and polyaromatic hydrocarbons. The applications in transition metal chemistry include carbonyl, nitrosyl, and cyanide complexes, some dihalogens, and the chromium dimer.