QCD matter at finite temperature and density is a subject that has witnessed very impressive theoretical developments in the recent years. In this review I will discuss some new insights on the microscopic degrees of freedom of the QCD medium near the chiral crossover transition from lattice QCD. Latest high precision lattice data on the fluctuations and correlations between conserved charges like the baryon number, strangeness can help us to understand and distinguish between different models of interacting hadrons. Furthermore, the latest constraints on the location of the critical end-point and the curvature of the critical line will be discussed. In the later part of this review I will discuss about the insights on the thermal nature of the medium created in heavy ion collision experiments that have come from the theoretical analysis of the particle yields, and to what extent the lattice data on correlations and fluctuations of conserved charges can give us any information about the fireball at freezeout.
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