In this paper we first give an overview of parallel corpus annotation, alignment and retrieval. We present standard annotation methods such as Part-of-Speech tagging, lemmatization and dependency parsing, but we also introduce language-specific methods, e.g. for dealing with split verbs or truncated compounds in German. We argue for careful sentence and word alignment for parallel corpora. And we explain how word alignment is the basis for a wide range of applications from translation variant ranking to terminology extraction. We conclude with a discussion of the latest developments in Machine Translation.