Heavy Flavor Production and Decay

Recent theoretical results on heavy flavor production and decay in the framework of perturbative QCD are reviewed. This includes calculations for top production at hadron colliders, inclusive charmonium production and the comparison between the singlet and octet mechanisms. Predictions for heavy flavor production in $e^+e^-$ annihilation will be discussed in some detail, covering both the threshold and the high energy region. The first results in NLO for heavy flavor decays will also be reviewed.