Seeking to capture the essence of the current state of research in wavelet analysis and its applications, this text identifies the changes and opportunities - both current and future - in the field. The papers are taken from the Third International Conference on Wavelet Analysis and Its Applications, held in Chongqing, China, in 2003. Researchers such as Professor John Daugman from Cambridge University and Professor Victor Wickerhauser from Washington University present their research papers.