Chemistry plays a key role in conquering diseases, solving energy problems, addressing environmental problems, providing the discoveries that lead to new industries, and developing new materials and technologies for national defense and homeland security. However, the field is currently facing a crucial time of change and is struggling to position itself to meet the needs of the future as it expands beyond its traditional core toward areas related to biology, materials science, and nanotechnology. At the request of the National Science Foundation and the U.S. Department of Energy, the National Research Council conducted an in-depth benchmarking analysis to gauge the current standing of the U.S. chemistry field in the world. The Future of U.S. Chemistry Research: Benchmarks and Challenges highlights the main findings of the benchmarking exercise.