This volume contains the proceedings of the conference on Quantum Affine Algebras, Extended Affine Lie Algebras, and Applications, which was held at the Banff International Research Station, Banff, Canada, from March 2-7, 2008. Many of the papers include new results on different aspects of quantum affine algebras, extended affine Lie algebras, and their applications in other areas of mathematics and physics. Any reader interested in learning about the recent developments in quantum affine algebras and extended affine Lie algebras will benefit from this book.