QCD Physics Lessons of Z0 Decay

This talk contains a subjective selection of interesting results on Z$^0$ decays, presented by the LEP and SLC groups. The emphasis is on soft and semihard QCD physics. Results are put in a theoretical context, and the limits of our current understanding are stressed. Topics covered include event measures, prompt photons, coherence and string effects, data and theory for particle rates and spectra, particle correlations and Bose--Einstein effects.