This book concerns itself with record values and branching processes as rich research areas of applied probability and statistics. Over the last few decades, numerous interesting articles on these topics appeared, dealing with theoretical problems as well as a number of new applications. The authors have co-ordinated publishing works contributed by eminent researchers from all over the world. This book presents a selection of presentations of new developments and survey papers on the subjects of record values and branching processes. It is written at intermediate level which requires knowledge of probability theory and mathematical statistics.