Neutrino-neutrino refraction dominates the flavor evolution in core-collapse supernovae, neutron-star mergers, and the early universe. Ordinary neutrino flavor conversion develops on timescales determined by the vacuum oscillation frequency. However, when the neutrino density is large enough, collective flavor conversion may arise because of pairwise neutrino scattering. Pairwise conversion is deemed to be fast as it is expected to occur on timescales that depend on the neutrino-neutrino interaction energy (i.e., on the neutrino number density) and is regulated by the angular distributions of electron neutrinos and antineutrinos. The enigmatic phenomenon of fast pairwise conversion has been overlooked for a long time. However, because of the fast conversion rate, pairwise conversion may possibly occur in the proximity of the neutrino decoupling region with yet to be understood implications for the hydrodynamics of astrophysical sources and the synthesis of the heavy elements. We review the physics of this fascinating phenomenon and its implications for neutrino-dense sources.