Cooling atomic gases to ultracold temperatures revolutionized the field of atomic physics, connecting with and impacting many other areas in physics. Advances in producing ultracold molecules suggest similarly dramatic discoveries are on the horizon. First, I will review the physics of ultracold molecules, including our work bringing a new class of molecules to nanokelvin temperatures. Chemistry at these temperatures has a very different character than at room temperature. One striking effect is our recent result using spin states of reactants to control chemical reaction pathways. I will also describe how the strong electric dipole moments of ultracold molecules present an exciting new tool for quantum information and quantum computing.