Recent advances in Virtual Reality and Augmented Reality technology now allow for the creation of realistic, highly immersive experiences for gaming, entertainment, and education at a fraction of the cost of earlier systems. In the past 24 months there has been a dramatic increase in hardware, software, and peripheral devices available for VR and AR experiences. The investment by Facebook of approximately $3 billion in Oculus to develop that platform is but one example of the race to develop VR systems for a wide variety of applications. The HTC Vive and Oculus Rift provide fully immersive desktop-class VR systems with controllers and peripherals that allow for individual tracking, multiplayer participation, and highly immersive simulations. As such, VR simulations which were previously restricted to very expensive systems in large simulation centers can now be created at significantly less cost and be accessible by a wider variety of organizations from K-12 classrooms, universities and medical schools. This presentation will review the emerging field of Virtual Reality and Augmented Reality in medical education and discuss the opportunities and challenges involved in realizing the potential of these technologies.