The main ideas, methods and results in the investigation of the asymptotic behaviour of exclusive processes are reviewed. We discuss power
behaviour and its dependence on hadron quantum numbers, logarithmic corrections and properties of nonperturbative hadronic wave functions. Applications to meson and baryon form factors, strong, electromagnetic and weak decays of heavy mesons, elastic scattering, threshold behaviour of
inclusive structure functions, etc., are described. Comparison of theoretical predictions with experimental data is made whenever possible.
The review may be of interest to theoreticians, experimentalists and students specializing in elementary particle physics. The experts in this field can also find new results (nonleading logarithms, higher twist processes, novel applications, etc.).