The invention of metamaterials prompts reconsideration of a number of fundamental physical phenomena and enables a variety of unique properties and functionalities. These include negative refractive index, magnetism at optical frequencies, sub-wavelength resolution, ``backward'' phase matching conditions for nonlinear optical processes, and even rendering objects invisible – cloaking. In this brief review, recent progress in basic theory, design, fabrication, characterization, and potential applications of optical metamaterials is discussed.