In this article a non-technical survey is given of the present status of Axiomatic Quantum Field Theory and interesting future directions of this approach are outlined. The topics covered are the universal structure of the local algebras of observables, their relation to the underlying fields and the significance of their relative positions. Moreover, the physical interpretation of the theory is discussed with emphasis on problems appearing in gauge theories, such as the revision of the particle concept, the determination of symmetries and statistics from the superselection structure, the analysis of the short distance properties and the specific features of relativistic thermal states. Some problems appearing in quantum field theory on curved spacetimes are also briefly mentioned.