Quasiparticles with fractional charge and fractional statistics are key features of the fractional quantum Hall effect. We discuss in detail the definitions of fractional charge and statistics and the ways in which these properties may be observed. In addition to theoretical foundations, we review the present status of the experiments in the area. We also discuss the notions of non-Abelian statistics and attempts to find experimental evidence for the existence of non-Abelian quasiparticles in certain quantum Hall systems.