Recent research on fractions has broadened and deepened theories of numerical development. Learning about fractions requires children to recognize that many properties of whole numbers are not true of numbers in general and also to recognize that the one property that unites all real numbers is that they possess magnitudes that can be ordered on number lines. The difficulty of attaining this understanding makes the acquisition of knowledge about fractions an important issue educationally, as well as theoretically. This article examines the neural underpinnings of fraction understanding, developmental and individual differences in that understanding, and interventions that improve the understanding. Accurate representation of fraction magnitudes emerges as crucial both to conceptual understanding of fractions and to fraction arithmetic.