PyECLOUD is a newly developed code for the simulation of the electron cloud (EC) build-up in particle accelerators. Almost entirely written in Python, it is mostly based on the physical models already used in the ECLOUD code but, thanks to the implementation of new optimized algorithms, it exhibits a significantly improved performance in accuracy, speed, reliability and flexibility. Such new features of PyECLOUD have been already broadly exploited to study EC observations in the Large Hadron Collider (LHC) and its injector chain as well as for the extrapolation to high luminosity upgrade scenarios.