The composite nature of baryons manifests itself in the existence of a rich spectrum of excited states, in particular in the important mass region 1-2 GeV for the light-flavoured baryons. The properties of these resonances can be identified by systematic investigations using electromagnetic and strong probes, primarily with beams of electrons, photons, and pions. After decades of research, the fundamental degrees of freedom underlying the baryon excitation spectrum are still poorly understood. The search for hitherto undiscovered but predicted resonances continues at many laboratories around the world. Recent results from photo- and electroproduction experiments provide intriguing indications for new states and shed light on the structure of some of the known nucleon excitations. The continuing study of available data sets with consideration of new observables and improved analysis tools have also called into question some of the earlier findings in baryon spectroscopy. Other breakthrough measurements have been performed in the heavy-baryon sector, which has seen a fruitful period in recent years, in particular at the B factories and the Tevatron. First results from the LHC indicate rapid progress in the field of bottom baryons. In this review, we discuss the recent experimental progress and give an overview of theoretical approaches.