One of the most fascinating discoveries in the past decade was that galaxies typically contain a centrally located black hole with a mass that is millions or even billions of times that of the Sun. There is now compelling evidence that we cannot understand how galaxies formed and evolved without understanding the life cycles of these supermassive black holes (and vice versa). We summarize the current understanding of this coevolution of galaxies and supermassive black holes (based largely on observations of the local, present-day universe) and describe prospects for the future.