Significant strides have been made in the last few years in advancing our knowledge of the natural history of cirrhosis. These include (1) a better understanding of prognosis in compensated and decompensated cirrhosis, (2) improved estimates of the natural course of variceal bleeding in patients receiving standard of care therapy, (3) recognition of renal failure and infection as important determinants of mortality in the clinic course, (4) realization of the importance of hepatic venous pressure gradient as a marker of prognosis, progression, and treatment response, and (5) evolution of noninvasive studies of liver stiffness as potential predictors of decompensation. Further studies identifying cirrhotics at highest risk of transitioning from a compensated state to a decompensated state will be important in order to alter the natural history of cirrhosis.