In this paper, we present both academic and industrial perspectives on the research and applications of Process Systems Engineering (PSE). After a brief introduction on the history of PSE, we describe the major research accomplishments in the areas of process simulation, conceptual design and synthesis, process control, process operations and optimization. This is followed by a discussion on the industrial impact and benefits of this work, which have made it to be industrially relevant. Next, we address the issue of the current standing of PSE both in academia and in industry, and for which we present results of a survey conducted by the authors. Finally, we close with a discussion on future challenges in PSE from both the industrial and academic perspectives. (C) 2019 Elsevier Ltd. All rights reserved.