The book is based on selected contributions presented at the (General) Session on the "Observation, Prediction and Verification of Precipitation" of the 2006 EGU General Assembly held in Vienna, Austria. It focuses on current advances in the field of precipitation measurement (i.e. instrumentation), estimation (i.e. remote sensing) and prediction (i.e. modeling). Following an introduction, which includes definitions and a summary on the history of measurement, estimation and prediction of precipitation, modern methods in the measurement, estimation and predication of precipitation are presented followed by the integration of the three themes for improved precipitation estimates and prediction as well as calibration and fine-tuning of methods. It describes advances in in-situ ground based instruments, in remote sensing methods of precipitation from space, ground and underwater observations and state of the art methods of precipitation nowcasting and forecasting, along with verification.