The amazing accuracy in verifying quantum effects experimentally has recently renewed interest in quantum mechanical measurement theory. In this book the authors give within the Hilbert space formulation of quantum mechanics a systematic exposition of the quantum theory of measurement. Their approach includes the concepts of unsharp objectification and of nonunitary transformations needed for a unifying description of various detailed investigations. The book addresses advanced students and researchers in physics and philosophy of science. In this second edition Chaps. II-IV have been substantially rewritten. In particular, an insolubility theorem for the objectification problem has been formulated in full generality, which includes unsharp object observables as well as unsharp pointers.