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Exceptional points are branch point singularities in the parameter space of a system at which two or more eigenvalues, and their corresponding eigenvectors, coalesce and become degenerate. Such peculiar degeneracies are distinct features of non-Hermitian systems, which do not obey conservation laws because they exchange energy with the surrounding environment. Non-Hermiticity has been of great interest in recent years, particularly in connection with the quantum mechanical notion of parity-time symmetry, after the realization that Hamiltonians satisfying this special symmetry can exhibit entirely real spectra. These concepts have become of particular interest in photonics because optical gain and loss can be integrated and controlled with high resolution in nanoscale structures, realizing an ideal playground for non-Hermitian physics, parity-time symmetry, and exceptional points. As we control dissipation and amplification in a nanophotonic system, the emergence of exceptional point singularities dramatically alters their overall response, leading to a range of exotic optical functionalities associated with abrupt phase transitions in the eigenvalue spectrum. These concepts enable ultrasensitive measurements, superior manipulation of the modal content of multimode lasers, and adiabatic control of topological energy transfer for mode and polarization conversion. Non-Hermitian degeneracies have also been exploited in exotic laser systems, new nonlinear optics schemes, and exotic scattering features in open systems. Here we review the opportunities offered by exceptional point physics in photonics, discuss recent developments in theoretical and experimental research based on photonic exceptional points, and examine future opportunities in this area from basic science to applied technology.