Geometric Invariant Theory by Mumford/Fogarty (the first edition was published in 1965, a second, enlarged editon appeared in 1982) is the standard reference on applications of invariant theory to the construction of moduli spaces. This third, revised edition has been long awaited for by the mathematical community. It is now appearing in a completely updated and enlarged version with an additional chapter on the moment map by Prof. Frances Kirwan (Oxford) and a fully updated bibliography of work in this area. The book deals firstly with actions of algebraic groups on algebraic varieties, separating orbits by invariants and construction quotient spaces; and secondly with applications of this theory to the construction of moduli spaces. It is a systematic exposition of the geometric aspects of the classical theory of polynomial invariants.