Hydrodynamics at RHIC and LHC: What have we learned?

Fluid dynamical description of elementary particle collisions has a long history dating back to the works of Landau and Fermi. Nevertheless, it is during the last 10-15 years when fluid dynamics has become the standard tool to describe the evolution of matter created in ultrarelativistic heavy ion collisions. In this review I briefly describe the hydrodynamical models, what we have learned when analyzing the RHIC and LHC data using these models, and what the latest developments and challenges are.