Geological, chronological, and structural studies of the Long Valley-Mono/Inyo Craters area document a long history of related volcanic eruptions and earthquakes controlled by regional extensional tectonics of the Basin and Range province. This activity has persisted for hundreds of thousands of years and is likely to continue. The Long Valley magma chamber had a volume approaching 3000 km³ prior to its climatic caldera-forming eruption 0.7 m.y. ago but has been reduced to less than a third of this volume by cooling, eruption, and crystallization. Seismic evidence indicates that the main mass of the present Long Valley magma chamber is about 10 km in diameter and that its roof is 8–10 km deep with smaller cupolas as shallow as 4–5 km. Although a chamber of this size is probably capable of producing an eruption approaching 30 km³ of lava, the record over the past 0.5 m.y. suggests that eruptions of 1 km³ or less are far more likely. Models proposed for the current ground uplift and seismicity within the caldera require inflation of 0.1–0.2 km³ by additional magma since mid-1979, and some models suggest that inflation was accompanied by injection of a thin dike or dikes (probably of silicic magma) into the ring fracture zone beneath the south moat. Several of the M 5.8–6.2 earthquakes that occurred in the region beginning in 1978 had non-double-couple focal mechanisms. Whether these unusual mechanisms indicate injection of mafic (low-viscosity) magma at midcrustal depths in the Sierra Nevada block south of the caldera remains debatable. Studies of calderas of various ages throughout the world indicate that episodes of unrest are relatively common and do not invariably culminate in eruptions. Although current unrest is concentrated in the south moat of Long Valley caldera, the Inyo/Mono Craters probably hold a greater potential for producing an eruption in the foreseeable future. The Inyo/Mono Craters have erupted at 500-year intervals over the past 2000–3000 years, whereas the Long Valley magma chamber has erupted at about 200,000-year intervals over the past 700,000 years. In either case, a major earthquake near the caldera could strongly influence the course of volcanic activity.