A summary of recent developments in theoretical and experimental studies of fluctuation effects in itinerant electron magnets, focusing on novel physical phenomena: soft-mode spin fluctuations and zero-point effects, strong spin anharmonicity, magnetic frustrations in metals, fluctuation effects in Invar alloys and low-dimensional systems. All of these may be important for novel high-technology applications.Proceedings of the NATO Advanced Research Workshop on Itinerant Electron Magnetism: Fluctuation Effects & Critical Phenomena, Moscow, Russia, September 15-19, 1997A summary of recent developments in theoretical and experimental studies of fluctuation effects in itinerant electron magnets, focusing on novel physical phenomena: soft-mode spin fluctuations and zero-point effects, strong spin anharmonicity, magnetic frustrations in metals, fluctuation effects in Invar alloys and low-dimensional systems. All of these may be important for novel high-technology applications.Preface. Spin Fluctuations in Itinerant Frustrated Systems; M. Shiga, H. Nakamura. Neutron Scattering and muSR Studies of Spin Fluctuations in Frustrated Itinerant Magnets; B.D. Rainford, et al. Critical Fluctuations and the Nature of the N?el Transition Near the Triple Point in Chromium Alloys; E. Fawcett, D.R. Noakes. UPd2Al3: An Analysis of the Inelastic Neutron Scattering Spectra; N. Bernhoeft, et al. Anisotropy of the Generalized Susceptibility in Mn (38% Ni) Alloy in the Magnetic Phase Transition Region; J.J. Milczarek, et al. Pseudodipolar Interaction and Antiferromagnetism of R2CuO4 Compounds (R=Pr, Nd, Sm and Eu); S.V. Maleyev, et al. Soft-Mode Spin Fluctuations in Itinerant Electron Magnets; A. Solontsov, et al. Effects of Spin Fluctuations in Transition Metals and Alloys; M. Shimizu. The Temperature Dependence of the Enhanced Paramagnetic Susceptibility at Finite Magnetic Field; E. Pamyatnykh, et al. First-Principles Study of Itinerant-Electron Magnets: Grl'